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.

Corporate Income Taxes, Finance, Stockholders, Lonsdale Sand and Metal Pty Ltd

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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.

Planning, Taxation, Business enterprises

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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.

Interpretation and construction, Goodwill (Business)

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