Abstracts » Business, general

Consolidation anxiety

Article Abstract:

The new tax consolidation system allows consolidation of accounts in all the subsidiaries within a group for income tax purposes in order to simplify corporate tax arrangements. One of the unappealing aspects of the scheme is that it is irrevocable and once a group elects to consolidate, it must continue to do so and must stick to the form even if it later finds it to be disadvantageous and that consolidation of losses may result in claims being stretched out over several years.

Legal issues & crime, Government regulation (cont), Government regulation, Legal/Government Regulation, Capital funds & cash flow, Laws, regulations and rules, Accounting and auditing, Subsidiary corporations, Subsidiaries, Accounting, Tax policy, Accounting procedures

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Respite for debt dodgers

Article Abstract:

The need to reform the Bankruptcy Act by the federal government, after a report by the joint task on the use of bankruptcy and family law schemes to avoid payment of tax in 2002 stated that many high-income debtors were using bankruptcy to avoid paying tax and other debts. The federal government so far has been able to make only one change of the four, which it had initially planned. Attorney-General Philip Ruddock's political activities are discussed.

Usage, Debtor and creditor, Bankruptcy, Company bankruptcy, Amendments (Parliamentary practice)

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