ATO Provides Guidance on Revoking Thin Capitalisation Test Choices and Requesting an Extension to Make a Choice

The Australian Taxation Office (ATO) has published updated guidance on the approved form for choosing to use the group ratio test or the third-party debt test for an entity under the thin capitalisation rules. This includes additional guidance on making a choice for the 2024 income year considering that the due date for the 2024 income year will occur prior to the finalisation of certain related guidance. The additional guidance includes guidance on revoking a choice and requesting an extens…