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PwC welcomes tax pooling amendments

PwC welcomes tax pooling amendments

PwC Tax and Private Business Leader Geof Nightingale says that the Government’s announcement of its intention to introduce legislation to correct the operation of the current tax pooling rules is welcome as a sensible fix.

“The changes make sense and provide certainty for businesses using tax pools to meet their tax obligations,” concludes Mr Nightingale.

Tax pooling arrangements can be used by businesses to pay provisional tax and to reduce the cost of interest owed as a result of an amended tax assessment or tax dispute.

Current rules allow taxpayers to withdraw funds from a tax pool to cover tax owed but not any interest that may also be due. This can lead to further interest accruing on the remaining amount, a result which was not intended as part of the original policy design.

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