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Articles by Richard Hendriks
Would a share capital account by any other name smell as sweet?
In summary Aurizon sought declaratory relief from the Federal Court that both its Authorised Capital account and the Capital Distribution account are share capital accounts within the meaning of s.975-300(1) of the Income Tax Assessment Act 1997 (Cth).
Demerger tax relief survives subsequent capital raising
Australia October 22 2021 Key points The Australian Taxation Office (ATO) confirmed that demerger tax relief was available in a class ruling concerning the demerger of shares in Cannon Resources Limited (Cannon) by Rox Resources Limited (Rox). This was notwithstanding the fact that Cannon proposed to undertake a capital raising post-demerger conditional on the demerger occurring.
Commissioner’s latest Taxpayer Alert targets pre-sale restructuring by MEC groups | Lexology
Australia
September 1 2020 In summary The Commissioner has raised Part IVA concerns about arrangements entered into by multiple entry tax consolidated (MEC) groups to transfer assets prior to a sale of shares to avoid capital gains tax (CGT). Although the Taxpayer Alert deals with the specific features of the MEC rules, it also reminds taxpayers of the risks of engaging in pre-sale restructuring generally where some or all of the steps do not have a sufficient commercial non-tax rationale.
First Nations and Hydropower: The Case of British Columbia’s Site C Dam Project
Over the past several decades, large-scale hydropower projects have sparked significant debates around the world. Displacement of Indigenous peoples and environmental impacts are major sources of concern, as are the economics of dam mega-projects. The World Commission on Dams emphasized these concerns over a decade ago, and many countries and international organizations (such as the World Bank) overhauled their hydropower policies as a result.
The bell tolls for equity funded special dividends
Equity funded special franked distributions are the focus of a specific tax integrity measure announced in the Mid-Year Economic and Fiscal Outlook 2016-17 (MYEFO). Equity funded special franked distributions (ie, dividends and non-share dividends outside the normal distribution pattern) were the principal focus of Taxpayer Alert TA 2015/2: Franked distributions funded by raising capital to release credits to shareholders which was issued on 7 May 2015.
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