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19 Feb 10 Joint submission on TD 2009/D17 (Treaty shopping and Part IVA)

On 4 February 2010, a joint submission was lodged with the ATO on behalf of the Institute of Chartered Accountants in  Australia, the Taxation Institute of Australia, CPA Australia, the National Institute of Accountants and Taxpayers Australia  in respect of TD 2009/D17 (Income tax:  treaty shopping - can Part IVA of ITAA 1936 apply to arrangements designed to  alter the intended effect of Australia’s International Tax Agreements network?)

The Executive Summary in the submission identifies the following issues with the draft Ruling:

  • The Draft TD provides a simplistic and incomplete overview of complex law
  • Possible significant departure from the ATO’s previous views and practice
  • The Draft TD fails to consider whether the income has an Australian ‘source’
  • Investors in Pooled Funds are predominantly located  in Tax Treaty countries
  • The Draft TD acknowledges that each case depends on its own unique facts, but the analysis proceeds on the basis of a  single limited set of facts
  • The example transaction is not representative.
  • The Draft TD identifies the wrong taxpayer.
For a copy of the submission, go here.

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