18 Nov 10 Discussion paper released: "Improving the Operation of the Anti-Avoidance Provisions in the Income Tax Laws"
In media release No 2010/012, issued 18 November 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of a discussion paper for public comment on proposals to improve the operation of the anti-avoidance provisions in the income tax laws.
The discussion paper outlines a range of proposals to make the laws more effective and easier to use, such as rationalising terminology, consolidating provisions and repealing inoperative provisions.
In particular, the discussion paper proposes expanding the definition of "tax benefit" in Part IVA ITAA 1936 and re-enacting Part IVA in ITAA 1997.
The closing date for submissions is 18 February 2011.