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NANE: the feeling's mutual.

Publication date: 12 May 06 | Source: WEEKLY TAX BULLETIN

Issue: Issue 20 2006

Pages: pp.762-768

Abstract:
Tax Laws Amendment (2005 Measures No 6 ) Bill 2005 (received Royal Assent on 29 March 2006) contains amendments to restore the application of the mutuality principle in circumstances where a "mutual" entitiy has a non-distribution clause in its constitution. This legislation was required as a consequence of the decision in Coleambally Irrigation Mutual Co-operative Ltd v FCT (2004) 57 ATR 104.

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Author profile

Dr Philip Bender ATI
Philip is a barrister at the Victorian Bar practising in federal and state taxation and superannuation. He acts for both taxpayers and revenue authorities and has appeared in a number of leading cases in these fields. Philip is also the author of Bender’s Australian Stamp Duties, a book published by The Tax Institute dealing with stamp duty in all Australian jurisdictions. - Current at 26 June 2019
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