Not all tax planning is created equal. The General Anti-Avoidance Rules (GAAR) in Part IVA of the Income Tax Assessment Act 1936 give the ATO sweeping powers to unwind transactions it sees as tax avoidance – and impose penalties of up to 50% of the tax payable. Key questions Part IVA asks: Was there a scheme? Was a tax benefit obtained (e.g.,…
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- Part IVA – the ATO’s ultimate weapon against tax schemes
Not all tax planning is created equal. The General Anti-Avoidance Rules (GAAR) in Part IVA of the Income Tax Assessment Act 1936 give the ATO sweeping powers to Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
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