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Our advocacy work: ATO Consultation Paper – Franked distributions funded by capital raising

Our advocacy work: ATO Consultation Paper – Franked distributions funded by capital raising

In November 2023, legislation introducing a new integrity rule became law.

New section 207-159 of the Income Tax Assessment Act 1997 will make certain corporate distributions made on or after 28 November 2023 unfrankable where they are funded by capital raising.

Pitcher Partners previously made a submission to Treasury on this measure when it was first released for public comment as exposure draft legislation where some of our submissions were adopted by the Government.

The ATO is now consulting about what advice and guidance it should provide in relation to this new measure.

Pitcher Partners made a submission to the ATO outlining the key areas of concern that the new measure raises for private companies in particular. We will continue to engage with the ATO to seek appropriate outcomes for middle market taxpayers.

You can read our submission below.

This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

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