The Federal Government has recently released exposure draft
legislation that will amend the taxation general anti avoidance
rules under Part IVA, potentially rendering around 30 years of
jurisprudence all but obsolete.
The Government has been working on the consultation and design
of the proposed changes for quite some time now. While the changes
were originally to apply from March 2012, when the consultation
process began, Assistant Treasurer Bradbury has announced that they
will now apply from 16 November 2012.
Special counsel Justin Byrne outlines the proposed changes and
explains their effect.
Key points
- The new rules will have retrospective effect once passed, and
will apply from 16 November 2012. Any transactions undertaken since
that time will be subject to the proposed amendments.
