The ATO has released an updated and rewritten version of its lengthy Practice Statement Law Administration PS LA 2005/24 on the Application of General Anti-Avoidance Rules.
The whole document was re-written following considerable legislative change since the previous re-write, which as in 2009.
The Practice Statement should be used where the ATO proposes to:
- make a determination under s177F (including for deemed tax benefits under s 177E), subs 177EA(5) or 177EB(5) of the ITAA 1936;
- make a determination under subs 67(1) of the Fringe Benefits Assessment Act 1986;
- make a declaration under s 165-40 of the GST Act; or
- rule on the application of Part IVA or other GAARs in a private ruling, Class Ruling or Product Ruling.
The ATO says it will be subject to review from time to time in light of judicial or other consideration of the GAARs.
Its date of effect remains as 13 December 2005.
[ATO website – PS LA 2005/24] [LTN 181, 19/9/16]