On 20 January 2016, the ATO put the following advice on it’s website about LAPS 3687.

Publication of the LAPS has been put ‘on hold’ due to the Federal Court’s decision on the Chevron case dated 23 Oct 2015. The court rejected the Commissioner’s view that tax treaties can be relied on, independently of the transfer pricing provisions in Australia’s domestic law, to support an assessment of tax. The current wording of PSLA 3687 reflects the ATO view that tax treaties do confer an independent taxing power. We will need to wait to see whether the ATO appeals the Federal Court’s decision or whether the ATO accepts the Federal Court’s decision, in which case PSLA 3687 will need to be redrafted.

The draft LAPS was aimed at dealing with the administration of scheme penalties arising from the application of Subdivision 815-A for the period of its retrospective operation – the 1 July 2004 to 30 June 2012 Transition Period.

[ATO website] [LTN 12, 20/1/16]