Press Release - Expert Roundtable to assist in clarifying the operation of the Income Tax General Anti-avoidance rule [15/05/2012]

The Assistant Treasurer, the Hon David Bradbury MP, today announced an expert roundtable to assist with the implementation of the Gillard Government's clarifications of the definition of 'tax benefit' in Part IVA of the Income Tax Assessment Act 1936. On 1 March 2012, the Government announced that it would obtain advice from independent experts about how best to implement the proposed clarifications to the operation of Part IVA without unintentionally affecting genuine commercial and business activity. 'The Government does not propose to change the core operation of the 'purpose' test in Part IVA, which was designed to be the key determinant of whether the general anti-avoidance rule applies to a scheme.'.

Source: http://media.australia.gov.au/notify/click.cgi?url=http%3A%2F%2Fassistant.treasurer.gov.au%2FDisplayDocs.aspx%3Fdoc%3Dpressreleases%2F2012%2F028.htm%26amp%3BpageID%3D003%26amp%3Bmin%3Ddjba%26amp%3BYear%3D%26amp%3BDocType%3D0&collection=releases&rank=22&auth=2tCLeMdzGQyGtZxZ0ki7bg

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