ATO Practical guide to Part IVA

The Tax Office has published a practical guide outlining the basic principles of how and when Part IVA applies to tax schemes. Tax Commissioner Michael Carmody said it provides guidance for deciding whether Part IVA is likely to apply to a particular arrangement. "Part IVA is the general anti-avoidance provision of the income tax law. It protects the integrity of our income tax system by ensuring that arrangements contrived to obtain tax benefits fail," Mr Carmody said. Also released is a practice statement updating advice to staff on the application of Part IVA and the broadly equivalent general anti-avoidance provisions of other tax laws. The practice statement provides extensive detail on the operation of these provisions and the processes leading to a decision on their application. A statement outlining how the Tax Office will refocus its test case program on the application of Part IVA to income splitting arrangements has also been released.The new guide – Part IVA: the general anti-avoidance rule for income tax – basic principles about how and when it applies, the practice statement and the test case program statement on personal services income are available from Hard copies of the Part IVA booklet will be available in the next few weeks and can be ordered from the website or by calling 1300 720 092.

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