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Dastardly implications arising from Greensill and Martin decisions – attribution and discretionary beneficiaries

Published on 01 Oct 21 by "THE TAX SPECIALIST" JOURNAL ARTICLE

Five justices in the Greensill and Martin decisions have unanimously decided that the attributed income of a discretionary beneficiary was not “from” the CGT event to allow access to an exemption/disregard. However, if you look at the under-litigated judicial analysis of the single undefined word “from” in the charging provisions of s 6-5 and s 6-10 of the Income Tax Assessment Act 1997 (Cth) (ITAA97), especially in the under-litigated s 6-10, you will observe good unanimous legal reasoning from the four recent decisions to doubt whether attributed or non-owned income can satisfy the undefined “from” precondition for inclusion of amounts in assessable income where the amounts do not factually represent property owned by the person.

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Tim Galvin
Tim is a Senior Taxation Manager with BDO Kendalls. - Current at 01 June 2009
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