Income tax: can income from the sale of abalone taken by a person who is licensed to take and sell the abalone under the Fisheries Act 1968 (Vic) be assessable income of a partnership, company, trust, or another individual?
Please note that the PDF version is the authorised version of this ruling.
FOI status:may be releasedFOI number: I 1214771
|This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).|
2. An abalone licence entitles the holder to take abalone for sale. Under subsection 13(1) of the Fisheries Act 1968 only a natural person is allowed to be the holder of an abalone licence, however, the licence holder may not be the owner of that licence.
4. The assessability of income from the sale of abalone taken by a licensed abalone diver will depend on the ownership of the abalone licence, and any income sharing agreement between the licence holder and the licence owner(s).
John Shucking is a Victorian licensed abalone diver. The owner of his licence is John Shucking
Commissioner of Taxation
sale of abalone;
Fisheries Act 1968 (Vic) 13(1);
Fisheries Act 1968 (Vic) 13(5);
Fisheries Act 1968 (Vic) 13D(1)
Pennington v McGoven
 SASR 27
Kelly v Kelly 1990 92 ALR 74,
92 ALR 74
Richard De Tozser v Tasmanian Seafoods Pty Ltd A86/1992 (Tasmanian Supreme Court),