Avoidance of tax by sale and buy-back transactions: interest treated as income when such transactions shift beneficial ownership. Clause 120 treats interest from a security as part of a person's total income where the person undertakes a sale-and-buy-back transaction, the interest ... Summary
Avoidance of tax by sale and buy-back transactions: interest treated as income when such transactions shift beneficial ownership.
Clause 120 treats interest from a security as part of a person's total income where the person undertakes a sale-and-buy-back transaction, the interest accrues to another as a result of that transaction, and the income would have been includible in the person's total income had the transfer not occurred.
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