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

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Published on 01 May 04 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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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Maree YONG
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