[Paragraph 161] Proposed amendments to Pt IVA highlight its conceptual flaws, 01 March 2013

Dabner, Justin (2013) [Paragraph 161] Proposed amendments to Pt IVA highlight its conceptual flaws, 01 March 2013. CCH Tax Week, 2013 (8).

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The government announced on 1 March 2012 that Pt IVA was to be amended to remove certain structural flaws that had been brought to light in recent decisions that the Commissioner had lost (see Assistant Treasurer's media release (CCH Tax Week ¶157) and Dabner, "Part IVA — is the game now up?" (CCH Tax Week ¶316)). Subsequently, an exposure draft of the proposed amendments was released on 16 November 2012 (see CCH Tax Week ¶1020, Dunne, "Proposed reform announced to Australia's income tax general anti-avoidance rule" (CCH Tax Week ¶1035) and Dabner, "Part IVA: one person's technical deficiencies is another's balanced application" (CCH Tax Week ¶1144) (the December 2012 article)). This draft legislation was the subject of universal condemnation for its convoluted and complex drafting, notwithstanding that it was professed to be the product of widespread consultation, including assistance from senior counsel.

With the introduction into parliament on 13 February 2013 of the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013, the final version of the proposed amendments is now available. While the legislation appears much simpler on its face, notably the same problematic underlying policy intent remains. Furthermore, much of the troublesome terminology and concepts that bedeviled the exposure draft have been moved to the explanatory memorandum (the EM) and continue to haunt the proposed amendments.

Item ID: 33537
Item Type: Article (Commentary)
ISSN: 1320-9426
Date Deposited: 04 Jun 2014 06:14
FoR Codes: 18 LAW AND LEGAL STUDIES > 1801 Law > 180125 Taxation Law @ 100%
SEO Codes: 97 EXPANDING KNOWLEDGE > 970118 Expanding Knowledge in Law and Legal Studies @ 100%
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