Miscellaneous 2004

Tax Case: Agents now assessable on waiver of Agency Development Loans

Source: Taxation In Australia Journal Article

Published Date: 1 May 2004

Nicholson J of the Federal Court has held in Integrated Insurance Planning Pty Ltd & Another v Federal Commissioner of Taxation [2004] FCA 35 that the waiver of agency development loans made by an insurance company to its agents was assessable income or capital gains of the agents. The case was effectively a test case on ATO ruling TR 2001/9: Income tax - Agency Development Loans so far as it relates to assessment of the agent.

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Miscellaneous 2004

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