By taxconnect on
Tuesday, December 20, 2011
The Treasurer has released for comment the Business Tax Working Group's Interim Report on the Tax Treatment of Losses. The interim report is on the Treasury website.
The report sets out 4 possible reform elements, which could be pursued individually or in combination:
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Replacing the current integrity
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Allowing immediate loss refundability
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Allowing losses to be carried back and offset against previous years' profits.
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Allowing losses carried forward to be uplifted by a determined benchmark rate.