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Trust law income versus tax law income.

Publication date: 22 Oct 07 | Source: TAXPAYERS AUSTRALIA

Issue: Issue 9 2007

Pages: pp.138-139

Cajkusic concerned a situation where the Commissioner issued default assessments to beneficiaries of a family trust under s.97 and Part IVA of the ITAA36. The default assessments related to the disallowance of deductions claimed by the trustee of the trust in each on the 1997 and 1998 years for contributions made, and implementation costs incurred, in relation to an employee benefit arrangement. The Commissioner's disallowance of the deductions resulted in the Trust having "net income" in the 1998 income year and the issue became whether the Trust had any "income" under section 97 of the ITAA36 so that the beneficiaries could be assessed on their proportion of the Trust's "net income".

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Jerome Tse CTA
Photo of author, Jerome TSE Jerome is a Partner at King & Wood Mallesons, specialising in taxation disputes and litigation. Jerome advises corporate taxpayers on all aspects of Australian tax disputes from the audit and independent review stage through to High Court litigation. He also guides clients through alternative dispute resolution processes, advance pricing agreements and mutual agreement procedures. - Current at 25 October 2017
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