Discussion paper on anti-avoidance provisions a lost opportunity

Abstract

On 18 November 2010 the government issued a discussion paper entitled "Improving the operation of the antiavoidance provisions in the income-tax law" (see CCH Tax Week ,l073 (2010) - Anti-avoidance provisions discussion paper). The discussion paper requests feedback on the potential expansion of the definition of "tax benefit" in Pt IVA of the Income Tax Assessment Act 1936 (the GAAR) and the re-enactment of the provision in the Income Tax Assessment Act 1997 (ITAA 1997). The discussion paper also focuses on whether the existing specific anti -avoidance provisions (SAAPs) could be simplified by way of consolidation and/or standardisation or even repealed. Also, feedback is sought on the extent to which, given the GAAR, SAAPs are necessary. Robert Deutsch, in a recent article in this publication, details further the proposals canvassed in the discussion paper (see CCH Tax Week ,l (2011) - Improving the operation of the anti-avoidance provisions in the income tax law - government releases discussion paper).