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End of attention
Amendments to the company loss recoupment rules
In the 2007 Federal Budget the Government announced changes to ensure that companies do not fail the continuity of ownership test because they have multiple classes of shares on issue, and that the entry history rule in the consolidation regime is disregarded in applying the same business test, with effect from 1 July 2002. At the time of publication these changes had not become law.
Removal of quarantining of foreign tax losses
The Tax Laws Amendment (2007 Measures No. 4) Act 2007 amended the income tax law to remove the quarantining of foreign losses, which were previously segregated into four classes of foreign income to which they related. As the commencement date for the changes will be the first income year starting on or after 1 July 2008, they will affect the completion of the Losses schedule 2009 (NAT 3425).
For further information see Part E Foreign source losses.
Last modified: 27 Nov 2009QC 21731