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The AAT has held that Part IVA applied to a complicated arrangement, characterised by a complex transactional history, that ensured the taxpayers did not pay tax on the sale proceeds of a business. The sale proceeds were directed to the taxpayers in a non-taxable form through the use of chain of entities and including the use of gifts and loans. The taxpayers were also unsuccessful in arguing that the penalties imposed (amounting to 50%) should be reduced: Re Patrick Donald McCutcheon & Carolyn Anne McCutcheon and Commissioner of Taxation [2006] AATA 535 (AAT, Mr SC Fisher, Member, 22 June 2006).

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