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Loss Recoupment Rules for Companies


Wednesday, 7 April 2004

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This document is an attachment to the Minister for Revenue and the Assistant Treasurer's Press Release No. 21 of 07 April 2004.

To address concerns about the operation of the same business test (SBT) for large companies and consolidated groups, the SBT will be replaced for large companies and consolidated groups (total income above $100 million in the income year in which the deduction is sought) by a simplified continuity of ownership test (COT). Specifically, the simplified COT will extend to all widely held companies and eligible subsidiaries. This change will allow companies and consolidated groups to recoup losses where there has been no substantial change in beneficial ownership, and will reduce reliance on the SBT.

The changes reduce the uncertainty and compliance costs associated with the company loss recoupment rules.

Written comments or queries regarding the proposed regulations should be sent to companylosses@treasury.gov.au

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