Do taxpayers have to order their affairs so that they pay as much tax as possible?

Until 1 March this year, the answer was no. However, since an announcement that the government intends to amend the general anti-avoidance rule made by Senator Arbib on his way out of the Assistant Treasurer’s office, the answer now is unclear.

This submission responds to the issues raised in the Treasury Discussion Paper, Modernising the Taxation of Trust Income – Options for Reform (November 2011)

In a split decision released on 8 December 2011, the Full Federal Court has held by a 2-1 majority that s.177EA of the Income Tax Assessment Act 1936 (Cth) (the Act)prevented the taxpayer from being entitled to imputation benefits on a distribution received on PERLS V securities (Securities) issued by CBA in 2009.