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26 Jun 06 Departing partner has mixed success before AAT - McNally

The AAT has held that a taxpayer, a former partner in an accounting practice, was not required to include a sum received by him on his departure from the firm in his assessable income. The sum was paid in full settlement of all the taxpayer's claims against the firm, and was received as an "undissected lump sum", part of which was capital in nature. However, the AAT held that the taxpayer was required to include in his assessable income an amount representing "timing differences" in respect of the firm's work in progress, the amount having been allowed as a deduction in the previous income year: McNally and FCT [2006] AATA 538 (AAT, Olney DP, 22 June 2006).

For a copy of the decision, go here

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