Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2022
A recent High Court decision, FCT v Carter, has reinforced the long-standing taxation law principle that, while trust law principles might permit the clock to be wound back to permit a complete surrender, abandonment or defeasance of a beneficial interest in trust property by beneficiaries having a vested and indefeasible interest in the trust property, taxation law principles, which always operate by reference to the proper interpretation of the operative provisions of Div 6 of Pt 3 of the Income Tax Assessment Act 1936 (Cth), do not permit the clock to be wound back. The rationale for this differential approach is a fundamental principle of taxation law that treats ordinary income as a flow of money or property occurring within a defined period of time, that is, the income year, rather than as an interest in money or property that is fixed in time.
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