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Exposure Draft, Tax and Superannuation Laws Amendment (Debt and Equity Scheme Integrity Rules) Bill

The Business Law Section of the Law Council of Australia welcomes the opportunity to provide its submission on the Exposure Draft of the Tax and Superannuation Laws Amendment (debt and equity scheme integrity rules) Bill and accompanying Explanatory Memorandum and Income Tax Assessment (Debt and Equity Examples) Declaration 2016 (together, the new integrity rules). The submission below represents the views of the Taxation Committee of the Business Law Section (the Committee). 

As set out in the Explanatory Memorandum, the new integrity rules will amend the debt-equity rules in Division 974 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997) with the intention of ensuring that multiple schemes are treated as a single scheme only where this accurately reflects the economic substance of the schemes. 

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