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Federal Government amends Part IVA restrospectively
In the last two years, the ATO has lost nine out of the fifteen Part IVA cases. In a number of cases including Futuris, RCI and AXA, the Court held that Part IVA did not apply because the taxpayer had demonstrated that if the scheme has not been entered into or carried out, it was a reasonable assumption that the taxpayer would not have proceeded with the transaction and therefore did not obtain a “tax benefit”.
Posted in: Tax & ATO News Australia at 17 September 12
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