Published on 23 Aug 12
by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
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.
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