Published on 01 Jun 05
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Since the introduction of the capital gains tax provisions in September 1985, the treatment of a net capital gain derived by a trust and its interaction with section 97 of the Income Tax Assessment Act 1936 has been problematic. Whilst the problem requires legislative clarification or change, early in 2004 the Commissioner of Taxation adopted an administrative practice which, in the applicable circumstances, provides a fair and workable solution by including any 'excess of' net income over trust accounting income resulting from a capital gain in the assessable income of the capital beneficiary who is entitled to the excess.
John is a Group Tax Manager for Becton Property Group.
Current at March 2009
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