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ICI: what happens if a taxpayer 'sells' a liability

Publication date: 01 Aug 96 | Source: INVESTMENT & TAXATION BULLETIN

Issue: Vol 1, No3

Pages: pp.38-42

A taxpayer has successfully argued that the sale of a liability to a third party for an amount which was significantly less than the face value of the liability did not give rise to assessable income in the hands of the taxpayer

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Author profile

Prof Bob Deutsch CTA
Bob is Senior Tax Counsel at The Tax Institute. Bob was until very recently the Deputy President of the Administrative Appeals Tribunal (AAT), and for over 20 years was a Professor in Taxation Law with the University of New South Wales. Bob specialises in taxation matters, with a special emphasis on international tax. His time with the AAT required extensive involvement in corporate law, social security and immigration matters. He also has experience as a solicitor with a major national law firm, as an independent barrister and as a director with a major accounting firm. He has written widely in his fields of specialisation as well as in the area of financial statements, and is an ongoing contributor to the highly successful Thomson Reuters Australian Tax Handbook. - Current at 04 March 2020
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