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Murdoch case : a lesson in obtaining timely "right" advice.

Publication date: 07 Aug 08 | Source: CCH TAX WEEK

Issue: Issue 31 2008

Pages: pp.1-3

Abstract:
Dame Elisabeth Murdoch was an income beneficiary of several Murdoch family trusts. Pursuant to a deed of settlement she was paid $85m in compensation for breaches of trust by her (effectively) fellow trustee, her son Rupert Murdoch. Two-thirds of these funds were then gifted back to Rupert (although some of the balance was gifted to charities with which Dame Elisabeth was involved). The Full Federal Court has held that Dame Elisabeth was not assessable on the $85m. No appeal has been lodged by the Tax Office and an impact statement was issued accepting this decision. How can this be?

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Author profile

Dr Justin Dabner CTA
Justin ia an Associate Professor, Law School, James Cook University, Cairns, Australia; Adjunct research fellow in Business Law and Taxation, Faculty of Business and Economics, Monash University, Australia. - Current at 01 April 2016
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