Winding up a company
From a corporation’s law perspective, both solvent and insolvent companies can be wound up voluntarily or involuntarily.
The tax consequences of winding up a company can be at the company level and/or at the shareholder level. Shareholders are normally entitled to the surplus which remains after a company has paid off its creditors and discharged all of its outstanding liabilities in the winding up process.
Shareholders who receive distributions of surplus assets in the winding up of Australian companies may be liable to taxation under either the deemed dividends or capital gains tax provisions.
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