The Resource "Market value" and capital gains tax under the Income Tax Assessment Act : where is the guidance?

"Market value" and capital gains tax under the Income Tax Assessment Act : where is the guidance?

Label
"Market value" and capital gains tax under the Income Tax Assessment Act : where is the guidance?
Title
"Market value" and capital gains tax under the Income Tax Assessment Act : where is the guidance?
Creator
Subject
Language
eng
Summary
This article evaluates the legal guidance given on market valuation for capital gains tax in Australia. Market valuation is an important concept by which taxpayer liability is determined. In Australia, the burden for providing a market valuation falls on the taxpayer. Despite this, guidance on determining market valuation is lacking. The Income Tax Assessment Act 1997 (Cth) contains no general definition of its meaning, and the case law guidance is an inheritance not from the area of revenue but compensation. This article reviews the case law guidance on the question of market value, and in particular, conducts a close examination of the legally enshrined and otherwise unstated assumptions that underlie this process. In addition, the article reveals the ambivalent relationship courts have with the actual market in making this valuation. Finally, finding a piecemeal and incomplete commitment to the market as maker of price, the article recommends a more wholehearted embrace of the market
Citation source
In: Australian tax review. - Pyrmont. - Vol. 46 (2017), no. 3 ; p. 178-192
http://library.link/vocab/creatorName
Boulton, H
Language note
English
http://library.link/vocab/subjectName
  • capital gains tax
  • fair market value
  • case law
Label
"Market value" and capital gains tax under the Income Tax Assessment Act : where is the guidance?
Instantiates
Publication
Label
"Market value" and capital gains tax under the Income Tax Assessment Act : where is the guidance?
Publication

Library Locations

    • IBFD Library AmsterdamBorrow it
      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.3736660 4.9336932
Processing Feedback ...