Murdoch case: a lesson in obtaining timely "right" advice

Dabner, Justin (2008) Murdoch case: a lesson in obtaining timely "right" advice. CCH Tax Week, 07 August 2008 (31). pp. 1-3.

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[Extract] Dame Elisabeth Murdoch was an income beneficiary of several Murdoch family trusts. Pursuant to a deed of settlement she was paid $85m in compensation for breaches of trust by her (effectively) fellow trustee, her son Rupert Murdoch. Two-thirds of these funds were then gifted back to Rupert (although some of the balance was gifted to charities with which Dame Elisabeth was involved). The Full Federal Court has held that Dame Elisabeth was not assessable on the $85m: Murdoch v FC of T 2008 ATC 20-031. No appeal has been lodged by the Tax Office and an impact statement was issued accepting this decision. How can this be?

Item ID: 33541
Item Type: Article (Commentary)
ISSN: 1320-9426
Date Deposited: 05 Feb 2017 23:43
FoR Codes: 18 LAW AND LEGAL STUDIES > 1801 Law > 180125 Taxation Law @ 100%
SEO Codes: 97 EXPANDING KNOWLEDGE > 970118 Expanding Knowledge in Law and Legal Studies @ 100%
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