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Chapter BIM24120

Document Cited authorities 1 Cited in Related
Vincent
Published date22 November 2013
Record NumberBIM24120

In the case of unincorporated associations ownership of the common fund by the contributors is necessary for mutual trading and in the case of corporate bodies, the contributors must control the common fund.

This point was referred to in Revesby Credit Union v The Commissioner of Taxation for the Commonwealth of Australia (112 CLR 564), where McTiernan J. said at page 574:

‘Where a number of people contribute to a fund created and controlled by them for a common purpose, any surplus paid to the contributors after the use of the fund for a common purpose is not income but is to be regarded as a mere repayment of the contributor’s own money. Incorporation of the fund is not relevant. What is required is that the fund must have been...

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