Sons of Gwalia - a taxing decision
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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.
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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
- 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approach and the recoupment provisions are not applicable in the instant case; and (b) that TR 95/35 should be withdrawn.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
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