Payment of tax avoided as a result of tax avoidance scheme
40B Payment of tax avoided as a result of tax avoidance scheme
A person is liable to pay the amount of tax avoided by the person as a result of a tax avoidance scheme that is of an artificial, blatant or contrived nature.
For the purposes of this Part, the amount of tax avoided by a person as a result of a tax avoidance scheme is the amount of tax, or the amount of additional tax, that would have been payable by the person, or that is reasonable to expect would have been payable by the person, if the tax avoidance scheme had not been entered into or made.
The Commissioner may make an assessment, or reassessment, of a liability for tax on the basis of the person's liability under this Part to pay an amount of tax avoided by the person.
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