Commentary

E1.528 Non-entitlement to exemption

Personal and employment tax

E1.528 Non-entitlement to exemption

E1.528 Non-entitlement to exemption

The power is given for the investment plan regulations to provide for an investor in the plan to cease to be entitled to the exemption from income tax1.

More specifically, the investment plan regulations may2:

  1.  

    •     provide that in circumstances specified in the regulations an investor ceases to be entitled to the exemption and is treated as not having been entitled to it

  2.  

    •     adapt or modify the effect of any enactment relating to income tax for that purpose, and

  3.  

    •     provide that in those circumstances, the investor or plan manager (depending on the terms of the

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