Date posted: 29/10/2020 2 min read

Submission on PUB00366 regarding liquidation

CA ANZ recently provided feedback to Inland Revenue on their draft QWBA – PUB00366: first steps legally necessary to achieve liquidation when a liquidator is appointed.

Following ruling BR Pub 14/09: Meaning of "anything occurring on liquidation" when a company requests removal from the register of companies, which applies to short-form liquidations, Inland Revenue issued a draft QWBA addressing the position for long-form liquidations. The scope of this draft QWBA is limited to a solvent liquidation where the shareholders of a company appoint a liquidator by way of a special resolution under section 241(2)(a) of the Companies Act 1993. 

In our submission we note the item would be enhanced if other scenarios are considered. Overal CA ANZ supports the publication of this statement and will be a complementary resource for taxpayers and advisors.

The submission was lodged on 21 October 2020.

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