Sent v FCT– Taxpayer appeals to Full Federal Court the decision that bonuses paid into an executive share trust were derived as ordinary income [C3]
The taxpayer has appealed to the Full Federal Court against the decision of Murphy J in [2012] FCA 382. The Federal Court had dismissed the taxpayer’s appeal and held that the full amount of accrued and unaccrued bonus entitlements of $11.6m that were instead paid into an executive share trust on the taxpayer’s behalf had been derived by the taxpayer as ordinary income primarily on the basis that they were a substitution for reward for services.
[LTN 94, 17/5]