General anti-avoidance rule: impermissible arrangements may be recharacterised and tax benefits denied, including treating parties as one and disregarding steps. The General Anti-Avoidance Rule permits declaring an arrangement impermissible where its main purpose, or the main purpose of any step, is to obtain a tax benefit. An impermissible avoidance arrangement is identified by non-arm's-length rights, misuse or abuse of the Act, lack of commercial substance (including round trip financing, accommodating parties, offsetting elements, disguise of funds, or artificial asset/residence location), or non bona fide modes of execution. Consequences include disregarding, combining or recharacterising steps, treating parties as one, reallocating tax items, re siting residence or assets, and looking through corporate structures.