Catchwords
Income tax – Assessable income – Where taxpayer participated in employee incentive profit participation agreement – Taxpayer granted claim to deferred compensation calculated on basis of company profit – Amount payable under agreement to taxpayer on termination of employment and execution of declaration of assignment and release – Whether amount income according to ordinary concepts or capital gain.
Words and phrases – "deferred compensation", "Genussscheine", "incentive profit participation agreement", "ordinary income", "pecuniary account".
Income Tax Assessment Act 1936 (Cth) – s 26(e).
Income Tax Assessment Act 1997 (Cth) – s 6-5(1), (4).
Swiss Code of Obligations – Art 657.