Published on 01 Feb 14
by "THE TAX SPECIALIST" JOURNAL ARTICLE
Part IVA of the Income Tax Assessment Act 1936 (Cth), the pivotal general anti-avoidance provision in Australian income tax law, was amended in 2013, in particular to clarify the scope and meaning of the concept of tax benefit. This article examines the thirty-plus year history of Pt IVA in order to reach some conclusions about the position we have reached. The article first considers Pt IVA in a cultural and attitudinal setting, including the drive for an “open” anti-avoidance provision and shifting attitudes to tax planning.
The article surveys antiavoidance law and practice before the coming of Pt IVA, and then discusses phases in the history of Pt IVA to date. The rise of the “new” Pt IVA is discussed, including the new emphasis on dominant purpose. The article concludes with some key issues to consider when providing structuring advice.
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