Positioning for change
The Board of Taxation’s review of consolidation
29 October 2010
The Board of Taxation (the Board) issued its position paper on its Post-Implementation Review into Certain Aspects of the Consolidation Regime on 13 October 2010. The position paper follows on from the discussion paper released in December 2009, further consultation and subsequent submissions made (including a submission from us). In this update we outline the Board’s positions in the following areas, and the submissions that we made in respect of the issues addressed by those positions:
- Policy framework
- Single entity rule
- Consolidation and small business corporate groups.
The Board’s position paper is another step towards addressing some of the main issues with the operation of the consolidation rules that have been identified since they were introduced eight years ago. Many of the points raised in our submission have been adopted, or at least considered, by the Board.
Submissions in response to the Board’s position paper are due by 26 November 2010. We will be preparing a submission and would like to hear your thoughts.