The adjudication of income tax appeals: ANZ Savings Bank Ltd v Federal Commissioner of Taxation
Article Abstract:
Australia's High Court approved of the changing lines of argument used by the Federal Commissioner of Taxation in successive appeals in ANZ Savings Bank v. Commissioner of Taxation. The case involved interest deductions claimed by the bank in an annuity loan arrangement it entered into with the New South Wales Treasury Corporation, a state agency. On successive appeals by the taxpayer, the Commissioner took different assessment and characterization approaches. The High Court appears to be endorsing an accelerated appeals process that allows for the resolution of new issues.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1995
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Commissioner of Taxation v. Peabody
Article Abstract:
The Australia High Court ruled in Commissioner of Taxation v. Peabody that the Commissioner had not established that the taxpayer should be liable for income tax on a stock transfer that involved a company owned by a family trust. The High Court also considered the scope of the Commissioner's discretion in determining whether a transaction constitutes a scheme entered into for tax avoidance purposes. Further decisions will be needed to clarify the continued vitality of the anti-avoidance provisions of Income Tax Assessment Act 1936 Part IVa.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1995
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The Taxation Laws Amendment Act 1992 (No. 35 of 1992), Royal Assent 25 May 1992
Article Abstract:
The Taxation Laws Amendment Act of 1992 has changed the Australian tax system in regard to depreciation, rollovers, inter-corporate dividend rebates as well as income tax assessment. The main change relating to depreciation is in the shift of the responsibility for determining the effective life of depreciable assets from the government to the taxpayer.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1992
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