Sons of Gwalia - a taxing decision

Resource Information

The work Sons of Gwalia - a taxing decision represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.

Label

Sons of Gwalia - a taxing decision

Creator

• Datt, K

Subject

• LoB
• capital gains tax
• case law

Language

eng

Summary

This article considers the tax effects, particularly from a capital gains tax perspective, of the High Court decision Sons of Gwalia Ltd v Margaretic (2007) 81 ALJR 525; [2007] HCA 1. This case considered the possibility of a taxpayer suing a company for damages arising out of a breach of, inter alia, the duty of continuous disclosure under the Corporations Act 2001 (Cth). The article reviews the "look-through" approach of the Commissioner in TR 95/35 which includes consideration of the recoupment provisions of the Income Tax Assessment Act 1997 (Cth). The author concludes that (a) both the look-through approach and the recoupment provisions are not applicable in the instant case; and (b) that TR 95/35 should be withdrawn. In particular, the Commissioner should reconsider the look-through approach identified in TR 95/35 to ensure it complies with the provisions of the Income Tax Assessment Act 1997 (Cth.)

Citation source

In: Australian tax review. - Pyrmont. - Vol. 37 (2008),

Language note

English