Income Tax Act rewrite: Part G

An exposure draft of rewritten Part G of the Income Tax Act – Avoidance and non-market transactions – has been released for public comment. The main changes to Part G have been to reorder the subparts, improve the clarity of the law, modernise the style and language and remove redundant material. Minor policy changes include replacing some Inland Revenue discretions with objective tests. The exposure draft is the work of the project team responsible for the progressive rewrite of the Act, which has so far seen the enactment of new Parts A to E and the release of exposure drafts of rewritten Parts H and I. Submissions on Part G close on 31 October. See 'Rewriting the Income Tax Act – Exposure Draft, Part G'.