Thin capitalisation asset valuation law changes - ATO administrative treatment

Tax returns now required to be lodged based on new law but transitional relief may still apply if conditions are met.

The Australian Taxation Office (ATO) has set out its administrative treatment for income tax returns impacted by law changes to thin capitalisation asset valuation rules.The rules, which require entities to align the value of their assets for thin capitalisation purposes with the value included in their financial statements, are contained in the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019 which received Royal Assent...

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Authors: Catherine Dean, Jenny Wong

Published Date: 24 October 2019