Dividend washing draft TD

Strategies

Thursday 16 January 2014

On 15 January 2014, the Australian Taxation Office (ATO) released Draft Taxation Determination 2014/D1 (Draft TD) regarding the operation of the general anti-avoidance rules (GAARs) of the tax legislation in relation to “dividend washing” transactions.

This Draft TD is in addition to the proposed legislative changes announced as part of the Federal Budget on 14 May 2013, and the discussion paper released on 3 June 2013 by the then Assistant Treasurer, David Bradbury MP.

Further, a Taxpayer Alert was issued by the ATO on 3 October 2013 warning taxpayers that they may be subject to penalties if they engage in the practice.

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