Published on 01 Sep 03
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The Commissioner has issued a final ruling TR 2003/9 on the deductibility of interest incurred by a trustee on borrowed funds used to pay distributions to beneficiaries.
In this article we focus on its application to trustees of discretionary trusts. Where the trust has fixed entitlements and all of the trust's activities are income earning, the Ruling confirms that the interest should be
Keith is a partner at Hall & Wilcox, and is a member of the Family Business & Wealth Management and Taxation practice groups. Keith is a key figure in the tax advisory profession. In March 2004 he was appointed to the Board of Taxation. His involvement has extended to Chairman of the Public Accountants Committee, Victorian President, National Councilor, Chairman of the Taxation Centre of Excellence and the National Tax Advisory Committee for CPA Australia. Keith was the accounting profession representative on the Commissioner of Taxation’s Advisory Panel, his National Liaison Committee and the Advisory Committee on the Taxpayers Charter. He was joint Chairman of the working party on the National Review of Standards of the Tax Profession and a member of the steering committee of the Pappas Carter Report reviewing the Australian Taxation Office’s large case audit program.
Current at 20 August 2007
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Graham is a Solicitor at Hall & Wilcox Lawyers.
Current at May 2005
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