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012-045 - Company Tax

Company tax can present complications to taxpayers. This paper analyses some of the important issues, including treatment of resident and non-resident companies and also the rules that govern the claiming of losses carried forward and the writing off of bad debts as they relate to companies. The pa ...Read more
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Company tax can present complications to taxpayers. This paper analyses some of the important issues, including treatment of resident and non-resident companies and also the rules that govern the claiming of losses carried forward and the writing off of bad debts as they relate to companies.

The paper discusses the Continuity of Ownership Test and the Continuity of Business Test and also considers the situation of how losses and bad debts are treated if a Discretionary Trust owns more than 50% of the shares in a company.

The Dividend Imputation Scheme is explained, together with a working example as well as the treatment of dividend withholding tax, any dividends paid to non-residents and interest withholding tax paid by companies to non-residents.

The Dividend Streaming Rules are also explained, together with comments on the operations of the Goods and Services Tax which leads to a discussion on the Business Activity Statement, the PAYG Withholding and PAYG Instalments. The rules which now apply for the payment of company tax instalments are also covered. The paper is presented in nineteen pages, under the headings:

  • What Is A Company?
  • Calculation Of Taxable Income
  • Company Tax Rate
  • Resident Companies
  • Non-Resident Companies
  • Carry Forward Of Losses
  • Utilisation Of Losses Carried Forward
  • Continuity Of Ownership Test
  • Continuity Of Business Test
  • Company Can Claim Losses And Bad Debts If Continuity Of Ownership Test Or Continuity Of Business Test Satisfied
  • Treatment Of Losses and Bad Debts If A Discretionary Trust Owns More Than 50% Of Shares
  • Example Of Treatment Of Losses And Bad Debts If A Discretionary Trust Owns More Than 50% Of Shares
  • Current Year Losses
  • Deductibility Of Claim For Bad Debts
  • Dividend Imputation System
  • Prevention of Dividend Streaming & Franking Credit Trading
  • Dividend Streaming Flow Charts
  • Shareholder Loan Accounts
  • Correction To Past Mistakes Re Shareholder Loan Accounts
  • Dividend Withholding Tax
  • Interest Withholding Tax
  • Public Officer
  • Director’s Liability
  • Goods and Services Tax (GST)
  • Business Activity Statement (BAS)
  • PAYG Withholding
  • PAYG Instalment
  • PAYG Payment Dates
  • Variation Of PAYG Instalment
  • Professional Advice