General anti-avoidance rule: Commissioner may recharacterise or disregard arrangements to prevent the claimed tax benefit. The Commissioner may declare an arrangement an impermissible avoidance arrangement and, to prevent or diminish a relevant tax benefit, may disregard, ... Summary
General anti-avoidance rule: Commissioner may recharacterise or disregard arrangements to prevent the claimed tax benefit.
The Commissioner may declare an arrangement an impermissible avoidance arrangement and, to prevent or diminish a relevant tax benefit, may disregard, combine or re-characterise steps; treat the arrangement as not entered into or otherwise as appropriate; treat connected or accommodating persons as one; re-allocate accruals, receipts, expenditures, deductions, reliefs or rebates among parties; and re-characterise equity and debt or capital and revenue items.
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