The Australian government on 13th February 2013 introduced Tax Laws Amendment Bill 2013.
According to Tax Laws Amendment Bill 2013, companies will have to ensure that the commercial and other factors motivating a decision are properly documented. Taxpayers must ensure that they have correctly calculated their taxable income while entering into any agreement and Part IVA has to be considered while entering into any arrangement which results in a tax benefit.
The draft amendment, once approved in its existing form, would apply to schemes that were entered into or commenced on or after 16th November 2012.
