CA ANZ Advanced Tax (Australia) Practice Questions - CA Program Elective Advanced Tax (Australia) Exam

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Under Part IVA of the Income Tax Assessment Act 1936, what must the Commissioner conclude before cancelling a tax benefit obtained from a scheme?

That the scheme was illegal under the Corporations Act That a person entered the scheme for the dominant purpose of obtaining a tax benefit That the taxpayer failed to disclose the scheme in their return That the scheme produced an accounting loss

Correct Answer:

That a person entered the scheme for the dominant purpose of obtaining a tax benefit

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