Change in firm constitution triggers a single-year assessment covering the whole financial year, subject to death or full retirement exceptions. Where an unincorporated body's constitution changes during a financial year, the Assessing Officer must make a single assessment for the entire year. A ... Summary
Change in firm constitution triggers a single-year assessment covering the whole financial year, subject to death or full retirement exceptions.
Where an unincorporated body's constitution changes during a financial year, the Assessing Officer must make a single assessment for the entire year. A change includes cessation of participants, admission of new participants, or continued participants with altered shares. The single assessment rule excludes changes caused by the death of a participant or the retirement of all participants.
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