WebIn the later High Court case FCT v Whitfords Beach Pty Ltd (1982) 12 ATR 692, at least two of the three judges that commented on Scottish Australian Mining Co Ltd v FCT. Carrying on a business. FCT v Whitfords Beach Pty Ltd (1982): extensive land development amounting to a land development business. Stevenson v FCT (1991): … WebAnswer As Bruce has not undertaken a business of development, the principle from FCT v Whitfords Beach Pty Ltd (1982) 12 ATR 692 cannot apply. Therefore, the issue that must be considered is whether the first strand of Myer would make this sale ordinary income and assessable under s 6-5 or whether it is a mere realisation and therefore capital ...
Beware of the Tax Referee Calling Foul - Australasian Legal …
WebIn so far as it includes net amounts in assessable income, it departs from the broad statutory scheme of the Act explained by Mason J in FCT v. Whitfords Beach Pty Ltd 82 ATC 4031 at p.4040, (1982) 12 ATR 692 at p.702 in the following terms: 'In the United Kingdom the legislation taxes the net profits or gains of a business. WebNor does the fact that a profit or gain is made as the result of an isolated venture or a "one-off" transaction preclude it from being properly characterised as income (F.C.T. v. … nif ibc security
Tax Basics - Program 29: Taxation & CGT Aspects of Real Property ...
WebJun 16, 2024 · Institution. University. Has the introduction of the capital gains tax diminished the importance of the cases of California Copper Syndicate v Harris (1904), Whitfords … WebAustralian Mining Co. Ltd. v. F.C.T.21 and Fox, in Whitfords Beach. In Scottish Australian Mining, the taxpayer was originally a coal mining company. After it had ceased its coal … Webproceeds of the sale are of an income nature: FCT v Whitfords Beach Pty Ltd (1982). If the receipt is regular then it is more likely to have the character of income, whereas if it is once-off it is more likely to be capital in nature. ii. Rental payments (an example of income flowing from use of capital asset) nif icec