Section 99B, the “sequel” to 2022’s s 100A focus, may make taxpayers and advisers wish they had a bigger boat.

The sequel to Jaws1 used the tagline “just when you thought it was safe to go back in the water …”. After the focus in 2022 on s 100A of the Income Tax Assessment Act 1936 (Cth) (ITAA36), taxpayers and their advisers may feel it is safe to go back in the water, but s 99B ITAA36 could change that.

Section 99B was introduced into the ITAA36 in the same Bill2 as s 100A. You can see where we are going here … Both sections are broadly drafted and there was little judicial or ATO guidance until 2022 (for s 100A).

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