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Section 23AJ v s 23 AI: rumble in the Tax Act.

Publication date: 31 Aug 06 | Source: CCH TAX WEEK

Issue: Issue 34 2006

Pages: pp.1-4

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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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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