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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 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. |
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| Lowtax Network Sites |
| Lowtax Network 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. Sponsored by HSBC
Bank International. |
| 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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