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On 9 March 2011, the ATO released draft Taxation Determination TD 2011/D1 entitled "Income tax: does it follow merely from the fact that an investment has been made by a trustee that any gain or loss from the investment will be on capital account?"

The answer given to the question raised is No, it is not conclusive. Rather, except where otherwise provided, the characterisation process will necessarily involve a wide survey and an exact scrutiny of all relevant factors to determine whether the trustee's activities constitute a business or profit making scheme.


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