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 company or trust?

No.

An abalone license issued under subsection 13(1) of the Fisheries Act is a personal licence which entitles the holder to take abalone for sale. Under this Act only the licence holder is permitted to sell abalone taken.

In these circumstances income derived from the sale is assessable to the license holder. This income cannot be assessed to a company, or trust.