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Part IVA: Where to from here? paper

Publication date: 23 Aug 12

Source: WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

Abstract:

On 1 March 2012, the Assistant Treasurer announced that the Government would introduce amendments to the general anti-avoidance rule in Part IVA to ensure that recent arguments advanced by taxpayers “will no longer be successful”. The amendments which might ultimately be made are proposed to be retrospective, operating from 1 March 2012, notwithstanding that the nature of the amendments is unknown.

This paper considers:

• the current operation of Part IVA
• the recent cases referred to by the Assistant Treasurer
• the potential amendments which might be introduced.

Author profile:

Thomas Thawley CTA
Tom practises as a barrister from Seven Wentworth Chambers in Sydney. His areas of practice include commercial law, equity and all state and Commonwealth taxes and duties. He has provided advice to, and appeared for, taxpayers and the Commissioner of Taxation in respect of numerous tax-related issues, including Part IVA, FBT, GST, CGT and corporate reconstructions. Recent tax cases in which he has appeared include Futuris (Part IVA), RCI (Part IVA), American Express Wholesale Currency Services (GST), Consolidated Media Holdings (Division 16K and Part IVA), Virgin Blue Airways (FBT), Undershaft (No 1) (Treaties) and MacMahon (CGT and Part IVA).
Current at 20 November 2012

 

 

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Purchase individual materials from this event:

Part IVA: Where to from here?
Author(s):  Tom Thawley

Dealing with Division 7A disasters
Author(s):  Paul SOKOLOWSKI,  Kaitilin LOWDON

The ship of Theseus and other trust perplexities
Author(s):  Fiona DILLON

Taxation of trusts tug-of-war
Author(s):  Jonathan ILBERY

Superannuation - Consulting the compass
Author(s):  Sharyn LONG

Risky business: How not to get sued (and what to do if you are sued)
Author(s):  Fiona HALSEY

Successful succession planning
Author(s):  Ken SCHURGOTT

Corporate conundrums
Author(s):  Paul ABBEY,  Andrew Tran,  Matthew Budge

Philanthropy: Tax planning and sustainable giving
Author(s):  Peter DOWLING

What to look for when your client chooses to send employees to work overseas
Author(s):  Ben TRAVERS,  Dan HODGSON