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Edited version of private advice
Authorisation Number: 1012625778492
Ruling
Subject: Part IVA
Question
Will the Commissioner make a determination pursuant to section 177F of the Income Tax Assessment Act 1936 (ITAA 1936) to cancel the whole or part of:
(a) any tax benefit obtained under paragraph 177C(1)(b) of the ITAA 1936 in connection with the Scheme; or
(b) any tax benefit obtained under paragraph 177C(1)(a) of the ITAA 1936 in connection with the Scheme?
Answer
No
This ruling applies for the following period:
A number of income years
The scheme commences on:
During the 2014 income year
Relevant legislative provisions
Income Tax Assessment Act 1936 Section 177A
Income Tax Assessment Act 1936 Section 177C
Income Tax Assessment Act 1936 Section 177CB
Income Tax Assessment Act 1936 Section 177D
Income Tax Assessment Act 1936 Section 177F
Reasons for decision
Having regard to the eight matters in subsection 177D(2) of the ITAA 1936, the Commissioner does not consider that any party to the Scheme entered into the Scheme for the sole or dominant purpose of obtaining a tax benefit.
Accordingly, the Commissioner will not make a determination pursuant to section 177F of the ITAA 1936 to cancel the whole or part of any tax benefit that might be obtained in connection with the Scheme.