Quote:
Originally Posted by xelasnave
I have not read the act for years but I recall a section which basically would enable the tax office to get what they want if there is even a hint of evasion and with all these tax bandits evasion is what they are doing.
It comes down to will no doubt and it seems there is no one ready to engage this issue. Says something I suspect.
Anyways its a great world and even with all the nonsence we all seem to be doing ok.
Sorry for derailing this thread.
Storage of electricity is the only problem I see and that could be fixed by sending water up someplace and harvesting the energy of it falling...
alex
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Yep, that's Part IVA that essentially say's if the dominant purpose of a transaction is to avoid tax then the ATO can treat it as voidable. There are other more specific provisions on thin capitalisation and transfer pricing. I used to deal with a lot of that stuff, in another life, long ago....