Tax Bites EP19: ATO focus on s128F, CGT rollovers, thin cap review and FIRB tax conditions

Toby Eggleston, Ryan Leslie and Jay Prasad discuss recent Australian tax developments: the ATO’s targeted consultation and planned updated guidance on the s128F public offer interest withholding tax exemption; anticipated ATO guidance (now indicated for early 2026) on back-to-back CGT rollovers and potential Part IVA risk; the Treasurer’s request for a Board of Tax review of thin capitalisation reforms; and evolving FIRB tax conditions.00:10 Welcome to Tax Bites & today’s agenda00:32 ATO consultation: Section 128F public offer IWT exemption (what’s changing)02:06 128F in practice: private credit complexity & evidence you’ll need03:53 Key takeaway: get 128F advice early before lender discussions04:30 Back-to-back CGT rollovers: why the ATO is preparing guidance05:04 Top-hat restructures, Bailador example & Part IVA risk focus07:38 AusNet fallout, policy debate & Board of Tax review on rollovers09:41 Board of Tax review: Thin cap reforms - scope, pain points, what may change13:42 FIRB tax conditions: new tailored approach & the ATO tax questionnaire16:30 Wrap-up: what we’re watching for in tax in 2026