Miscellaneous 2018

Providing investor certainty in tax deeds

Source: The Tax Specialist Journal Article

Published Date: 1 Jun 2018


The power of general administration is a broad one and empowers the Commissioner to engage in a wide range of activities. These powers include the ability to enter deeds of settlement in disputed taxation matters, as well as to enter agreements of compromise in undisputed taxation matters. Recently, the Commissioner and taxpayers have been using deeds to agree on the prospective application of tax laws to complicated commercial transactions. This practice sits outside of the existing rulings system and has been justified based on administrative necessity and efficiency. However, what happens in the event that the Commissioner seeks to depart from an agreement they have entered into with a taxpayer pursuant to a deed of settlement, an agreement to compromise or some other representation? To what extent (if at all) can these be enforced and what recourse does a taxpayer have in our legal system? This article seeks to address these less common situations and includes a consideration of the Commissioner's general administrative duties in the case of FCT v Wade.

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Miscellaneous 2018

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