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Australia targets tax shelter promoters.

Publication date: 26 Jun 06 | Source: TAX NOTES INTERNATIONAL

Issue: Vol, 42 no. 11 2006

Pages: pp.954-956

Abstract:

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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Author profile

Prof Graeme Cooper CTA
Graeme is Professor of Taxation Law at the University of Sydney and a consultant to Greenwoods & Herbert Smith Freehills. He is a former Chair of the New South Wales State Council of The Tax Institute and former member of the National Council. He has worked as a consultant to the ATO, Treasury, Board of Taxation, United Nations, OECD, World Bank, the International Monetary Fund and several foreign governments. He was admitted to legal practice in New South Wales and Victoria, and practised commercial law and tax in Sydney before entering teaching. He has taught 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 12 January 2018
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