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21 Oct 08 Agent's knowledge prevented valid disclaimer

The AAT has held that a deed of disclaimer executed by the taxpayer in relation to his interest under a trust was not effective because, although the taxpayer had no personal knowledge of the interest under the trust or the distributions that occurred until shortly before he instructed his accountant to prepare the deed, his solicitor, whom he had authorised to act on his behalf in relation to his tax affairs, had become aware of the trust interest some months earlier. The AAT accepted that this knowledge had never been communicated to the taxpayer but, nevertheless, held that the taxpayer was "fixed with the agent’s knowledge of the [taxpayer’s] entitlements": Confidential and FCT [2008] AATA 927 (AAT, McCabe SM, 13 October 2008).

For a copy of the decision, go here.

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