COVID-19: More considerations for tax functions – tax attributes

Tim Lynch & Michael Baartz outline further considerations for tax functions, including the preservation of tax attributes for future use.

As the full effects of COVID-19 hit businesses, it is crucial that tax attributes are available for use when business performance bounces back to something resembling ‘normal’.Where available, they can essentially mean that the pain felt was not a ‘permanent’ cost.Some key items in this regard that Tax Managers should be considering are:Losses – the satisfaction of loss recoupment tests (especially where there has been injections of equity to keep the business afloat (Continuity of Ownership ...

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Authors: Tim Lynch, Michael Baartz

Published Date: 07 April 2020