Tax Consolidation (Exit ACA) – Resetting the tax cost of membership interests
Calculating the exit ACA and determining accurate tax costs for membership interests on member exit is important for CGT purposes.
Dec 04Tue 10:30 AM AEDT - Tue 12:00 PM AEDT Online
- $220.00 incl. GST
- PD hours: 1.5
Whether your clients are large corporates or family businesses, transactions and restructures occur that result in the need to calculate the tax cost of membership interests under the allocable cost amount (ACA) exit process. Oversights in the process result in errors that may give rise to a risk of amended assessments or errors that understate tax base and therefore overstate resulting capital gains.
We will discuss the exit ACA process as we work through the practical application of the calculation steps with a focus on:
- accessing the terminating value of underlying assets (step 1)
- changes to the law, particularly for deferred tax liabilities (step 4)
- adjusting for deductible liabilities (step 4)
- potential capital gains arising from the calculation itself (event L5)
Webinar Learning Outcomes:
- Refresh of key concepts relevant to the exit ACA process
- Confirmation and awareness of changes to the law
- Awareness of common errors in calculations
- Practical tips for calculating the ACA
- Firms of all sizes will benefit from this session
- Advisors with limited exit ACA experience will benefit from the overview of the process, whilst those with intermediate levels of experience will benefit from the refresher and practical tips
Paul Mills has worked in the corporate tax practice at PwC for over 20 years, advising clients on a range of transactions.
For the past seven years, Paul has been responsible for PwC’s national tax technical education program.
You will be provided with:
• PowerPoint presentation slide deck
• Any Supporting documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter
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