This content is from: Australia

ATO accepts High Court’s Mills GAAR ruling extends beyond tier one capital raising

The Australian Taxation Office’s (ATO) response to the High Court’s judgment in the Mills case, where the taxpayer escaped the general anti-avoidance rule (GAAR), shows an acceptance the ruling is not limited to tier one capital raising by banks. The response could also help taxpayers outlining GAAR defences in future litigation.

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