Australia proposes GAAR reforms to address tax avoidance

Asia-Pacific Tax Newsalert

The Australian government recently introduced draft amendments to the Australian general antiavoidance rules (GAAR). The GAAR is designed to protect the integrity of Australia’s income tax system.

If approved by the Australian Parliament in their current form, the proposed amendments would apply retroactively to all entities that entered into or commenced to carry out any transaction, acquisition, or restructuring involving Australia, whether directly or indirectly, on or after November 16, 2012.

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