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- Title
Obtuse s 99B and offshore trusts.
- Authors
Sharkey, Nolan
- Abstract
Offshore trusts are subject to uncertain income tax rules, which means that they attract interpretations that depart from the policy intent of trust taxation. This is problematic and the issue should not be sidestepped because offshore trusts are seen as a murky area. This article argues that there are many legitimate situations where a person will interact with an offshore trust and the taxation should be clear. Section 99B of the Income Tax Assessment Act 1936 (Cth) is one of the more problematic aspects of offshore trust taxation. This article considers what the section is trying to achieve and challenges the view on its operation taken by the Commissioner in TD 2017/24.
- Subjects
TAX assessment; INCOME tax; ACT Assessment; TAXATION
- Publication
Taxation in Australia, 2021, Vol 55, Issue 9, p474
- ISSN
0494-8343
- Publication type
Article