1. Start with an everyday story
先讲一个身边的故事
Mr Wang owns a coffee shop company. It is worth A$1,000,000, and he owns every share. He wants his son in the business, so the company issues the son a new batch of shares and charges him A$1 for them.
老王有一家咖啡店公司，值 100 万澳元，股份全在他名下。他想让儿子进公司，于是公司给儿子发了一批新股，只收了 1 澳元。
The next morning nothing has been bought or sold. But Mr Wang’s shares are now worth A$500,000 instead of A$1,000,000, and the son’s shares are worth A$500,000. Half a million dollars walked from father to son overnight.
第二天早上，没有任何人买卖过任何东西。但老王的股份从 100 万变成了 50 万，儿子的股份值 50 万。一夜之间，50 万就这样从爸爸走到了儿子那边。
That is a value shift. It happens far more often than people think — a cheap share issue, a rent-free warehouse lent to a related company, a machine hired out for a tenth of what it is worth. The tax law has a name for all of it: the general value shifting regime.
这就是「价值转移」。它发生的频率远比一般人以为的高——低价增发股份、把仓库免租借给关联公司、把机器用十分之一的价格租出去。税法给这一类事情起了一个名字：一般价值转移规则（GVSR）。
2. Why does the ATO care?
税务局为什么要管这件事？
Because of one very simple sum. When you sell something, the tax is worked out as the sale price minus what you originally paid for it. Tax people call “what you originally paid” the cost base.
因为一道很简单的算术题。您卖东西时，税是按「卖价 − 当初买入价」来算的。税务上把「当初买入价」叫作成本基础（cost base）。
Now put the two halves together. If the value leaves your shares but what you paid stays sitting there, your shares look like they lost money. Sell them and you have a loss — a loss you can use to wipe out tax on something else. But you did not really lose anything. The value is still in the family; it just sits in someone else’s name now.
把两件事放在一起看。如果价值从您的股份里跑掉了，而当初的买入价还留在原地，您的股份看起来就像亏了钱。一卖，就有一笔亏损——这笔亏损可以用来抵掉别处的税。可您其实什么也没亏，钱还在家里，只是换了个名字而已。
So the rule does one thing, and only one thing: it makes what-you-paid move along with the value. Half the value went to the son, so half of what Dad paid goes with it.
所以这条规则只做一件事：让「当初买入价」跟着价值一起走。一半价值去了儿子那边，爸爸当初买入价的一半也跟着过去。
Two things it is NOT / 两个常见误解
1. It is not an anti-avoidance rule. Nobody has to prove you were trying to dodge tax. Even if your reason was purely a family arrangement, the rule still applies.
它不是反避税条款。没有人需要证明您想逃税。哪怕您的理由纯粹是家庭安排，这条规则照样适用。
2. It does not usually make you pay tax on the spot. Most of the time it just quietly changes the numbers, and you feel it years later when you sell. Sometimes, though, there is tax to pay immediately — Example 1 below is one of those times.
它通常不会让您当场交税。多数情况下，它只是悄悄改掉那些数字，您要等到多年后卖的时候才感觉到。不过有时候确实要当场交税——下面的例 1 就是这种情况。
3. The three situations where it comes up
三种会碰到的情况
Table 1 – When the rule switches on, and the amount below which nobody cares
表 1 — 什么情况会触发，以及多少钱以下不用管
One warning about those amounts: they are tested across the whole arrangement, not transaction by transaction. Splitting one deal into three smaller ones does not get you under the line.
关于这些金额有一点要提醒：它们是就整件事情合并计算的，不是一笔一笔分开算。把一笔交易拆成三笔小的，并不能让您降到线下。
4. Who needs to watch out
谁要特别注意
The rule only bites where someone is in control. Broadly that means holding half or more of a company or trust — sometimes 40% is enough, and if you actually call the shots, the percentage does not matter. For dealings between two companies, what matters is whether the same person or group stands behind both.
这条规则只在「有人说了算」的情况下才「生效」。大体上是指持有公司或信托一半以上——有时 40% 就够了；如果实际上是您拍板，比例多少都不重要。至于两家公司之间的往来，关键是背后是不是同一个人或同一批人。
Bringing children into a family company by giving them shares cheaply.
以低价给股份的方式，让子女进入家族公司。
Tidying up share classes or trust units before selling the business.
卖生意之前，把股份类别或信托单位「理顺一下」。
An Australian company lending assets, brands or guarantees to a sister company overseas for nothing.
澳洲公司无偿把资产、品牌或担保提供给海外的姐妹公司。
Thinking that because it is all one family or one group, the internal price does not matter. It does.
以为「反正都是一家人、一个集团」，内部价格无所谓。其实有所谓。
Example 1 — Mr Wang and his son
例 1 —— 老王和他的儿子
Why this one costs money straight away
为什么这一种当场就要花钱
Back to the coffee shop. Mr Wang paid A$100,000 for his shares years ago; they were worth A$1,000,000 before the son came in, and A$500,000 after. So A$500,000 shifted — well over the A$150,000 line.
回到咖啡店。老王当年买股份花了 10 万澳元；儿子进来之前值 100 万，之后只剩 50 万。也就是转移了 50 万——远远超过 15 万这条线。
Half of what he paid, A$50,000, moves across to the son’s shares. That leaves A$450,000 of shifted value with nothing to absorb it — and that A$450,000 is taxed in Mr Wang’s hands this year, even though he sold nothing and received nothing.
他当初买入价的一半（5 万澳元）转到儿子的股份上。剩下 45 万的转移额没有东西可以吸收——这 45 万今年就要在老王名下课税，尽管他既没卖出任何东西，也没收到一分钱。
The other way round: if the son had simply paid A$500,000 for the shares, nothing would have shifted and nothing would have happened. And if the coffee shop had been a much smaller business — say only A$140,000 moved — the rule would not have applied at all.
反过来看：如果儿子老老实实付了 50 万买这批股份，就没有任何价值转移，也不会有任何后果。又如果这家咖啡店小得多——比如只转移了 14 万——这条规则根本就不适用。
5. The timing trap
时间差这个坑
多数时候，事情发生那天您毫无感觉。您是在多年之后卖股份、卖房产的时候才感觉到——会计告诉您，您原本指望的那笔亏损没了。
而最难受的地方在这里：要证明到底转移了多少——或者证明金额小到根本不用管——您必须拿出事情发生当天的价值。如果那一天是七年前，您就得花钱请估值师去还原过去，而 ATO 对他做出来的结果，随时可以提出不同意见。
这条规则从 2002 年 7 月 1 日起就管着价值转移，所以「那是很久以前的事了」并不是理由。
6. What to actually do — three steps
实际该怎么做三步
Step 1 — Ask the blunt question
直接问一句
“In this arrangement, did anyone get something for free, or for much less than it was worth?” If the answer is no, you are done. If it is yes, or you are not sure, keep going.
「这件事情里，有没有谁白拿了什么、或者用远低于价值的价格拿到了什么？」如果答案是没有，到此为止。如果是有，或者说不准，就继续往下。
Step 2 — Put a number on it
算出一个数字
Work out what it was really worth, take away what was actually paid, and compare the gap with A$150,000 or A$50,000. Get someone to check the valuation now, while the evidence is fresh and cheap.
算出它真正值多少，减去实际付了多少，把这个差额跟 15 万或 5 万澳元比一比。现在就请人把估值确认一下——趁证据还新、还便宜。
Step 3 — Write it down and keep it
写下来，存好
One page in the tax file that year: what happened, what it was worth, how you worked that out, and what you concluded. That page is what saves you in a review five years later. An email in somebody’s inbox is not.
当年在报税档案里放一页纸：发生了什么、值多少钱、这个数字怎么来的、结论是什么。五年后被审查时，救您的就是这一页。躺在某个人邮箱里的一封邮件，救不了您。
Example 2 — The machine that was too cheap
例 2 —— 租得太便宜的那台机器
Where the loss quietly disappears
亏损是怎样悄悄消失的
One owner in Hong Kong stands behind two Australian companies. Company A hires its machinery to Company B for A$100,000 a year, for three years. The real market rate is A$500,000 a year.
一位香港的老板，背后持有两家澳洲公司。A 公司把自己的机器租给 B 公司，一年租金 10 万澳元，租三年。真实的市场价格是一年 50 万澳元。
So Company A gave away A$400,000 a year — A$1,200,000 over the three years. Both companies have the same owner, so the rule applies.
也就是说，A 公司每年白送出去 40 万澳元，三年合计 120 万澳元。两家公司同一个老板，所以这条规则适用。
Three years later the owner sells Company A. He paid A$8,000,000 for it and sells for A$7,000,000 — on paper, a A$1,000,000 loss he was planning to use against other gains. The rule wipes that loss out entirely. It is worth nothing.
三年后，老板把 A 公司卖掉。当初买入价 800 万澳元，卖了 700 万——账面上亏 100 万，他本来打算用这笔亏损去抵别处的利得。这条规则把这 100 万亏损整个抹掉，一分钱也用不上。
The other way round: had Company A charged the proper A$500,000 rent, it would have paid a bit more tax each year — but the A$1,000,000 loss would have been there when he needed it, and there would have been no valuation to pay for and no argument to have.
反过来看：如果 A 公司老老实实收 50 万的市场租金，它每年会多交一点税——但卖公司时那 100 万亏损是真实可用的，而且既不用花钱做估值，也不用跟人争论。
7. What happens if you ignore it
不管它会怎样
Two things. First, it surfaces at the worst possible moment — usually when a buyer’s advisers are going through your books, or when the ATO looks at the loss you have just claimed. At that point you are the one who has to prove the numbers, about a day that has long passed.
两件事。第一，它总在最糟糕的时候冒出来——通常是买家的顾问在翻您的账，或者 ATO 在看您刚刚申报的那笔亏损。到那一刻，要拿出证明的是您，而且是关于一个早已过去的日子。
Second, penalties. If the loss is taken back, the tax you should have paid comes with a penalty on top, and the size of that penalty depends on how careful you were.
第二，罚款。如果那笔亏损被追回，您本来就该缴的税还要再加一笔罚款，而罚款的大小，取决于您当初有多谨慎。
Table 2 / 表 2 — Penalties, using A$300,000 of unpaid tax as the example ／ 罚款：以 30 万澳元少缴税款为例
Interest runs on top of all of it, from the day the tax should have been paid.
在这之上还要计收利息，从税款本来应该缴纳的那一天起算。
Example 3 — The cost of doing nothing
例 3 —— 什么都不做，要付多少
The same machine, three years later
还是那台机器，三年之后
The owner in Example 2 claims the full A$1,000,000 loss and uses it. At 30%, that is A$300,000 of tax not paid. If nobody ever looked at the machine hire, the penalty is A$75,000 on top of the A$300,000. If it had been raised internally and claimed anyway, A$150,000. If there was written advice saying it would not work, A$225,000.
例 2 里的老板照样申报了那 100 万亏损并用掉了。按 30% 算，就是 30 万澳元的税没交。如果从来没人看过那笔机器租赁，罚款是在 30 万之外再加 7.5 万；如果内部提过还照报，15 万；如果已经有书面意见说不行还照报，22.5 万。
The other way round: spot it before lodging the return, and the outcome is simply that the loss is not claimed. He pays the A$300,000 he always owed — no penalty, no interest, no argument. The analysis that would have caught it costs a small fraction of A$75,000.
反过来看：在报税前就发现，结果无非是那笔亏损不报。他缴的还是那本来就该缴的 30 万——没有罚款，没有利息，没有争议。而当初能发现这件事的那份分析，成本连 7.5 万的零头都不到。
A one-page self-check
一页纸自查
1. Did value move from one person’s shares to another’s, without anyone buying or selling? Then this rule is in play.
有没有价值从一个人的股份跑到另一个人的股份上，而没有人买卖过？有的话，这条规则就在起作用。
2. Did one company give another something for free or far too cheap? Same answer.
有没有一家公司白给、或远低于行情给了另一家公司东西？答案一样。
3. Nobody has to prove you meant to save tax. Good intentions are not a defence.
没有人需要证明您想省税。动机良好并不是抗辩理由。
4. Small amounts are ignored: under A$150,000 for share and unit shifts, under A$50,000 for the other two.
小额不管：股份与信托单位的转移低于 15 万澳元，另外两种低于 5 万澳元。
5. The bill usually arrives years later, but the evidence has to be from the year it happened. Write the page now.
账单通常多年后才到，但证据必须是事情发生那一年的。那一页纸，现在就写。
6. Ignoring it costs the tax plus 25% to 75%. Checking it costs a fraction of that.
不理它，要付税款再加 25% 到 75%；查一下，只要其中很小一部分的成本。
Contact us: admin@inpgroup.com.au | 1300 168 368
Source: ATO, General value shifting regime (Fund income tax return instructions) and Guide to the general value shifting regime; Income Tax Assessment Act 1997 Divisions 723, 725 and 727; Taxation Administration Act 1953 Schedule 1 Division 284.
资料来源：澳洲税务局《一般价值转移规则》（基金所得税申报表指引）及《一般价值转移规则指南》；1997 年所得税评估法第 723、725、727 分部；1953 年税务管理法附表 1 第 284 分部。
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