Part IVA - Shifting the goal posts
Source: The Tax Specialist Journal Article
Published Date: 1 Jun 2012
The Commonwealth Government has indicated that it is concerned about the Commissioner of Taxation losing a number of significant court cases concerning the general anti-avoidance provision, Pt IVA of the Income Tax Assessment Act 1936. The government has accordingly announced its intention to amend Pt IVA, with effect from 1 March 2012. Some indication of the likely amendments can be gleaned from the government’s announcement, and from the Commissioner’s approach to the preferred interpretation of the definition of “tax benefit” in Pt IVA, as shown by argument addressed to the High Court in applications for special leave to appeal.
This article addresses the government’s responses to the approach of the courts in recent years to determining whether a Pt IVA scheme gives rise to a tax benefit in connection with the Pt IVA scheme, with particular reference to the so-called “do nothing” alternative postulate.
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Details
- Published By: William (Bill) D Thompson
- Published On:1 Jun 2012
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