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1、Topic3Otheranti-avoidancedoctrinesandrules1Outlineofsession•Judicialdoctrines–s.6-5/s.8-1–sham–anti-avoidancedoctrines•Otherstatutoryanti-avoidanceregimes–s.82KJ–s.82KL–Div9C21.Judicialdoctrinesunderlyings.6-5/s.8-1•Considereffectsofgeneralnotionsofincome+deductibility
2、thatservetoconstrainabilitytoperformarbitrage–compensationreceiptsnotion•secondstreamofMyer•Phillips3Fletcher•Annuityscheme,packagedbyAnnuityInvestments•4documentssigned–partnershipagreementbetweeninvestorandJimalNominees•subscribedcapital:$50Kbyinvestor;$1byJimal•appo
3、intsJimalasManagingPartnerswithauthoritytoexecuteotherdocuments–loanagreement#1•loanfromDoowarfNomineestopartnershipof$2mat18%forfirst12years($360Kpa);lowerinterestinyears13,14,and15•principaltoberepaidby3instalmentsinyears13,14,15•interestpayableannuallyinadvance•limi
4、tedrecourseterms–loanagreement#2•loanfromEromdimNomineestopartnershipof$190Kperyearfor5years•principaltoberepaidby3instalmentsinyears13,14,15•interestpayableannuallyinadvance•limitedrecourseterms–annuityagreement•partnershipspays$2,020,000toAnnuityInvestmentsforannuity
5、•annuitypays:years1-5$170,000payears6-10$600,000payears11-151,119,000pa•annuitycouldberedeemedforslidingpriceafter23months4•NeteffectforFletcherwascashoutflowof$50,000–$30,000chargedasmanagementfeebypromoter–$20,000appliedtowardpurchaseofannuity•Fletcherclaimeddeductio
6、nfor78%ofinterestonloans–ie,apportionedinterestcostbetween•amountofannuityderivedasassessableincome•amountofannuityrepresentingrepaymentofundeductedpurchaseprice$Grossannuity1.12payment600AssessableportionofannuityNetloss/taxableincome170UPPYears51015-$247Interestexpen
7、se-$360claimedasdeductionTotalannuitypayments$9,445,000lessundeductedpurchaseprice$2,020,000Returnonauuity$7,425,000lessinterestexpense(5,718,789)Return$1,706,21123 … Atleastinacasewheretheoutgoinghasbeenvoluntarilyincurred,theendwhichthetaxpayersubjectivelyhadinviewin
8、incurringitmay,dependinguponthecircumstancesoftheparticularcase,constituteanelement,andpossiblythedecisiveelement,inc
