Tax changes put vendor in 'box seat' for business sales: CAANZ

The new provisions are buried deep in an omnibus bill, the Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill.

Pattrick Smellie

Tue, 09 Mar 2021

Proposed tax law returning to Parliament today is so questionable that the government-controlled select committee overseeing it is recommending it be placed under immediate review.The change relates to the way the value of assets in the sale or purchase of a business are allocated for tax purposes.The finance and expenditure select committee’s unanimous report on the bill says “the proposed rules are detailed and complex” and represent a substantial change to the current situation, where there are “few restrictions on ei...

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