Section 23AJ v s 23 AI: rumble in the Tax Act.
31 Aug 06 |
CCH TAX WEEK
Issue: Issue 34 2006
The Tax Office recently released Draft Tax Determination TD 2006/D13. This draft determination considers the application of two tax exemptions, namely s 23AJ and s 23AI of ITAA 1936, which treat certain dividends received from foreign companies as non-assessable non-exempt (NANE) income. These exemptions have a potentailly overlapping operation. Accordingly, as no ordering rules exist in the legislation, issues can arise due to the potential for both exemptions to apply simultaneously to the same foreign dividend.
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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