The QWBA provides detailed guidance on how an amalgamated company calculates its available subscribed capital (ASC) following an amalgamation.

The purpose of the ASC formula is to determine the amount that shareholders have paid into a company as capital when subscribing for shares, which can be returned to shareholders tax-free under certain conditions.

The QWBA clarifies how the definitions of "subscriptions" and "returns" are modified for an amalgamated company. Once finalised, this QWBA will replace QB 13/02 and QB 14/05, providing updated and consolidated guidance on this topic.

CA ANZ fully supports publication of the draft QWBA. It will be a valuable resource for understanding the calculation of ASC following an amalgamation for both practitioners and companies.

CA ANZ suggests simplifying the language and reducing legislative references to further improve the document.