![[Company Logo Image]](../images/logo.gif){kind=logo}
Tax
Technology ... making tax easy
|
|
|
FOR IMMEDIATE RELEASE Tax loss misconceptionsTax Technology uncovers many common misconceptions in consolidation tax losses4 January 2005 -- This is the body of the announcement ... Tax Technology Pty Ltd founding Director Gerry Jaworski, today announced that Tax Technology would release in February a list of the many tax loss misconceptions that have been uncovered during the three year development of our Tax Losses Consolidator program. Gerry said that: "The complexity of the tax loss rules for consolidated groups has confounded tax loss experts and reputable tax publishers. "In the course of developing and testing our Tax Losses Consolidator program, we encountered many misconceptions which unfortunately have become widespread due to the dearth of experience and accurate material in this new area of law. "Apart from the misconceptions, there is also little appreciation of the ongoing compliance implications for tax losses in the new regime. Many have concentrated on the significant initial task of calculating initial available fractions and notional taxable income calculations for loss bundles however few appreciate that the ongoing compliance requirements can be even more difficult to manage. "For example, in practice, the ATO loss schedule requirements can often be more difficult to comply with than the already complex legal requirements. In addition, many situations give rise to adjustments to the initial available fractions and these then have to be apportioned. Where the taxpayer has made value and/or loss donations under transitional rules, loss management can become a horrendous task." The list of misconceptions is wide ranging and includes:
To receive a copy of the full list when released in February, please forward your contact details (Name, organisation, work-title and email address) to the following email address (our privacy policy restricts use of these details to this matter unless you indicate (or have previously indicated) that you would like to be placed on our mailing list) : helpdesk@taxtechnology.com.au [End] For More Information Contact:
|
|