Winding-up Entities & Debt Forgiveness
Debt forgiveness and the winding up of entities are common occurrences in the business world. However the tax ramifications from entering into these transactions are often overlooked or misunderstood by taxpayers and business advisers.
Stream this recording multiple times at your convenience.
- $220.00 incl. GST
- PD hours: 1.5
This webinar aims to bridge this knowledge gap by examining the key concepts that underpin the debt forgiveness rules and the procedures required to effectively wind-up an entity.
The webinar examines the debt forgiveness rules as recently re-written into the Income Tax Assessment Act 1997. In particular, the webinar will focus on what constitutes debt forgiveness under the rules and the tax implications arising from the forgiveness of commercial debt. The webinar also covers specific areas that are often problematic for taxpayers and tax advisers alike which include:
converting debt to equity; &
The various types of company liquidations are outlined together with the tax implications that potentially arise as a result of company liquidations. Similarly, the procedures to vest a trust are outlined together the tax consequences that may arise. In addition to income tax, the tax consequences discussed covers other areas, namely, GST and state duties.
This webinar is suitable for accounting, taxation and legal professionals at all levels that require a practical understanding of the debt forgiveness rules and the common tax consequences arising from winding up an entity.
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