Published on 01 Apr 11
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
In November 2010, the Commonwealth Government released a discussion paper entitled "Improving the operation of the anti-avoidance provisions in the income tax law". The paper seeks views on the expansion of the definition of "tax benefit" in s 177C (in Pt IVA, the general anti-avoidance rule in the Income Tax Assessment Act 1936 (ITAA36)), and examines other issues relating to both Pt IVA and the specific antiavoidance provisions to be found throughout the ITAA36 and the Income Tax Assessment Act 1997.
The purpose of this article is to remind the reader of the background to this current review and to examine the issues raised by the discussion paper. The article examines the rather long gestation period of the review. It then provides an overview of the discussion paper, and goes on to examine in more detail the primary issues raised in the paper. The article concludes that the review seems to be more about achieving integrity for the revenue, rather than certainty for taxpayers.
- Current at
12 April 2011