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26 Feb 1010 Professional Bodies meeting with the ATO in respect of TD 2009/D17 (Treaty Shopping - Part IVA) and TD 2009/D18 (Private Equity income)

David Linke FTIA (KPMG) and Angie Ananda FTIA attended a meeting with the ATO last Friday, 19 February 2010 to discuss TD 2009/D17 and TD 2009/D18.

In TAXVINE last week, I indicated that we would provide an update following this meeting. In summary, the main points to come out of the meeting are as follows:

  • The ATO will expand the discussion of the capital v revenue distinction in the determination to make it clear that in some circumstances the relevant gains may be on capital account (ie private equity gains will not always necessarily be on revenue account); and
  • The ATO will consider the points raised by the professional bodies in relation to the Part IVA issues. However, the ATO concerns regarding the interposition of entities in treaty countries did not appear to be abated by the arguments put forward by the professional bodies.
  • The draft determinations will be updated based on comments and submissions received by the ATO.
  • The ATO is not planning to release further drafts of the determinations.
  • The determinations will go to the Rulings Panel for discussion.
  • It is anticipated that the final rulings will be issued on or around 5 May 2010.

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