Flip and spins to avoid sandwich structure not caught by Pt IVA.
12 Nov 09 |
CCH TAX WEEK
Issue: Issue 44 2009
Pages: pp. 1-9
It is now generally conceded that an overall commercial purpose will not protect elements of a scheme motivated by tax considerations from the ravages of Pt IVA, the general income tax anti-avoidance provisions in ITAA 1936. Therefore it may come as a surprise that the AAT recently held in News Australia Holdings Pty Ltd v FC of T 2009 ATC 10-109 that a complex element of the 2004/05 global restructure by the News Group substantially motivated by tax considerations was not subject to Pt IVA.
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Justin ia an Associate Professor, Law School, James Cook University, Cairns, Australia; Adjunct research fellow in Business Law and Taxation, Faculty of Business and Economics, Monash University, Australia.
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