Catchwords
Income Tax – Deductions and rebates in calculating taxable income – Annuities – Purchase by trust – Whether whole of annuity payments capital or exempt income of the trust – Interest on money borrowed to acquire units in trust – Whether interest expense to be apportioned on ground that it was partly incurred in relation to the gaining or production of exempt income.
Words and Phrases – "exempt income".
Income Tax Assessment Act 1936 (Cth), ss 27H, 51(1), 97.