Section 108 - debt forgiveness

Article Abstract:

Forgiving a company's shareholder's debt may have adverse tax consequences. Section 108 of the 1936 Tax Assessment Act describes the forgiven debt as a dividend. Lonsdale Sand and Metal Pty Ltd argued that Section 108 didn't apply to a debt settlement transaction, but the judge disagreed. A 1998 amendment offers five situations in which the forgiven debt is not taxable.

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Ralph recommendations - planning ahead

Article Abstract:

Australian government's proposals for business tax reform based on the Ralph Committee's Review of Business Taxation are analyzed. Additional information on income tax issues is also included.

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Transfer of goodwill and liability for CGT and duties

Article Abstract:

Taxation issues and cases involving the value of goodwill, taxpayer's rights, superannuation legislation, and legal professional privilege are examined and discussed for the reader.

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