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Company Losses: Exposure draft legislation and explanatory material


Friday, 4 September 2009

Content ID:



The Assistant Treasurer, Senator the Hon Nick Sherry, has released exposure draft legislation to improve the income tax company losses regime and associated explanatory material.

The exposure draft legislation implements announced changes to the company loss recoupment rules to improve the operation of the continuity of ownership test where a company has an unfixed share structure, modify the definition of voting power and clarify the operation of the same business test for consolidated groups (Treasurer's Media Release No 53 of 13 May 2008 (issued jointly with the former Assistant Treasurer and Minister for Competition Policy and Consumer Affairs)).

Making a submission

Interested parties are invited to comment on the exposure draft legislation and associated explanatory material. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence.  Automatically generated confidentiality statements in emails do not suffice for this purpose.  Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.  A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 2 October 2009

Address written submissions to:
Company Tax Unit
Business Tax Division
The Treasury
Langton Crescent

Email:  companylosses@treasury.gov.au

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Exposure draft legislation  73.44kb
Explanatory Material  110.80kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure draft legislation  257.23kb
Explanatory Material  467.54kb

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