Australia targets tax shelter promoters.
26 Jun 06 |
TAX NOTES INTERNATIONAL
Issue: Vol, 42 no. 11 2006
The Australian Parliament has passed new legislation that exposes the promoters of tax shelters to the same kinds of penalties that their clients face when the promoters' claims turn out to be incorrect.
The promoter penalty regime applies to relevant conduct engaged in on or after April 6, 2006, the date on which the Bill received Royal Assent - including any conduct after that date in relation to existing products and arrangements already in the market.
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Prof Graeme Cooper, CTA, is Professor of Taxation Law at the University of Sydney and a consultant to Greenwoods & Herbert Smith Freehills. He is a former New South Wales State Council Chairman of The Tax Institute and currently a member of the National Council. He has worked as a consultant to the ATO, Treasury, Board of Taxation, United Nations, OECD, World Bank and International Monetary Fund. He was admitted to legal practice in New South Wales (1980) and Victoria (1999), and practised commercial law and tax in Sydney before entering teaching. He has taught tax in law schools in Australia, Europe and the United States, and holds degrees from the University of Sydney, University of Illinois and Columbia University, New York.
- Current at
07 September 2017