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Inquiry into Mass Marketed Tax Effective Schemes and Investor Protection

Australian Taxation Office Submission (Word format)

Table of Attachments

A

 List of relevant Media Releases giving a brief outline of each with Media Releases attached :
A1, A3, A4, A6, A7, A8, A9, A10,A16, A17, A18, A19. (Word format)

http://www.ato.gov.au/newsroom.asp

B

 List of relevant Speeches giving a brief outline of each. (Word format)

http://www.ato.gov.au/newsroom.asp?tab=2&speech=comm

C

 Overview of Taxation Ruling TR 2000/8 (Word format) (Investment schemes) - provides a summary of the 79 page ruling along with a brief coverage of the recent amendments which effectively spread prepaid expenses incurred by investors participating in investment schemes to which the ruling applies.

D

 ‘Drawing the Line: Insights into Tax Planning’ (Word format) – a presentation by Peter Smith, Assistant Commissioner which demonstrates how the paper flow of funds creates the claimed tax deductions through a round robin of transactions with no cash being generated to fund the underlying activity. Also demonstrates how the cash flow is generated by the tax savings with only a small proportion of this being available to fund the underlying activity.

E

 A diagrammatic representation of the main scheme types

F

 An analysis of the following scheme type arrangements:
  • Controlling Interest Superannuation (F1)(Word format)
  • Division 10B Film (F2)(Word format)
  • Division 10BA Film (F3)(Word format)
  • Employee Benefit Trust (F4)(Word format)
  • Employee Share Plans (F5)(Word format)
  • Linked Bonds (F6)(Word format)
  • Section 51(1) Overseas made Film (F7).(Word format)

G

 Product Rulings – summaries of four Product Rulings which provide an analysis of the following specific arrangements with an explanation of why the ATO provided the Product Ruling:
  • PR1999/79; HIV Medications Joint Venture (G1)(Word format)
  • PR1999/32; Paulownia Forestry Project No 2 (G2)(Word format)
  • PR2000/17; St Magnus Vineyard Project (G3)(Word format)
  • PR2000/56; Columbia Tristar Television Fund (G4)(Word format)

H

 Reviews of Product Rulings – Interim Summary of Findings – provide an interim summary of findings from a review of a sample of projects that received a product ruling in the 1999 (H 1)(Word format) and 2000 (H 2)(Word format) income years.

I

 ATO Addendum to the Code of Settlement Practice (Word format) – sets out guidelines on settlement of mass marketed aggressive tax planning schemes which are likely to attract the operation of the general anti-avoidance provisions.