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New On The Lowtax Network Today
This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below. |
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| TODAY 12/03: Lowtax
Costa Rica, annual update |
| 11/03 Estonia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 10/03 Lowtax
Labuan, annual update |
| 09/03 Word
Search Puzzle, on Lowtax |
| 08/03 Jobs
For All,
Jeremy Hetherington-Gore blog |
| 05/03 Belgium
Summary PBTG Guide,
added to Personal Business Tax Guide |
| 04/03 New
Lowtax Editor Column,
by Kitty Miv |
03/03  Personal
Business Tax Guide, PBTG, has launched!
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| Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers. |
| 02/03 Personal
Equity Investment In 2010: Not Just For Expats…, Investors Offshore special feature
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| 24/02 Lowtax
Cyprus, annual update
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| 22/02 Lowtax
Brunei, annual update
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| 17/02 Dubai
- A Stately Business Dome Decreed, Investors Offshore special feature
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| 15/02 Lowtax
Australia,
major content expansion
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| 27/01 Lowtax
Germany, major content expansion
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| Lowtax Network Sites |
| Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| New Australian Merger Tax Rules Easier On Shareholders |
by Mary Swire, Tax-News.com, Hong Kong
Thursday, January 07, 2010
Australia’s Assistant Treasurer, Nick Sherry, has announced that the
government will make it easier for shareholders, using scrip-for-scrip rollovers,
to defer certain capital gains made during takeovers, or when companies merge.
The scrip-for-scrip rollover provisions are contained in the Income Tax Assessment
Act 1997. It allows a taxpayer exchanging shares in one company for shares in
another company as part of a takeover or merger of the companies to defer the
realisation of any capital gains from this exchange.
A taxpayer who receives
cash in addition to their replacement interests may qualify for a partial rollover.
A takeover or merger arrangement must satisfy a number of requirements in the
Income Tax Assessment Act 1997 (ITAA) to qualify for the rollover. However,
the Corporations Act also regulates takeovers of listed companies and managed
investment schemes, as well as companies and managed investment schemes with
more than 50 members.
Under the proposed changes, the new laws will better align
the ITAA’s CGT scrip-for-scrip rollover requirements with the Corporations
Act 2001, to make it easier for takeovers and mergers already regulated by the
latter to qualify for CGT rollover.
For example, takeovers and mergers (including via a scheme of arrangement),
that satisfy the member participation and other requirements of the Corporations
Act, will not have also to satisfy the member participation requirements of
the ITAA’s scrip-for-scrip rollover regulations, to qualify for rollover.
However, the takeover will still need to satisfy any other relevant ITAA conditions
for the rollover.
"The government intends to introduce legislation to reform the tax law
as it relates to the requirements for the scrip-for-scrip rollover in respect
of takeovers and mergers approved under the Corporations Act 2001," Nick
Sherry stated, continuing:
"The reforms will increase the scope of the scrip-for-scrip
rollover and allow a simpler and better financial transition for shareholders
by deferring capital gains at the point of the takeover or merger."
"The changes I am announcing will apply to CGT events that happen on or
after today (January 6)," he added.
The government has begun a four-week consultation on the legislative design
of these reforms, and an exposure draft of the legislation will be released
later this year.
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