Murdoch case : a lesson in obtaining timely "right" advice.
07 Aug 08 |
CCH TAX WEEK
Issue: Issue 31 2008
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?
This item is not available for download from this website. Please contact the Tax Institute library for assistance. Charges will apply.
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