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Tax free share buyback - but stay tuned!

Publication date: 27 Oct 05 | Source: INTAX

Issue: October 2005

Pages: pp. 8-9


In the August 2004 edition of  inTAX the authors examined Conti J's decision in McNeil v FCT (2004) 55 ATR 384 ("An imponderable taxing provision - or a thorn by any other name').

This month's article focuses on the decision of the Full Federal Court which was handed down on 8 August 2005 ( FCT v McNeil [2005]FCAFC 147 (to be reported in ATR)).

The authors write that this case has the potential to become the next Hepples of CGT, with the taxpayer having derived a gain which seemingly escapes both the income tax and CGT nets. Not surprisingly, the Commissioner has lodged an application for special leave to appeal to the High Court.

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Author profiles

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Anetta Johnston CTA
Anetta is a Tax Director in the KPMG Adelaide Corporate Tax practice. She has qualifications in both law and commerce and has over 15 years' experience working as a tax advisor in various law firms and at KPMG. Prior to rejoining KPMG in December 2015, Anetta worked for 5 and a half years as a Senior Associate in the taxation group of Arnold Bloch Liebler in Melbourne where she was involved predominately in taxation audits and disputes. Anetta's work in managing and resolving audits and disputes included preparing responses to position papers, preparation and lodgement of objections to notices of assessment and penalty notices, drafting settlement proposals and ongoing communications and negotiations with the ATO. Her work at KPMG involves advising clients on general income tax and GST matters, tax and corporate restructuring, M&A transactions and taxation audits and disputes. Anetta's clients include People's Choice Credit Union, Beyond Bank, Flinders Ports and various other private groups and high net worth individuals. - Current at 07 December 2016
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Lachlan Wolfers CTA
Lachlan is the leader of KPMG’s Indirect Tax practice in China and a member of KPMG’s Global Indirect Taxes leadership team. He was formerly a director of The Tax Institute, and leader of KPMG’s Indirect Taxes and Tax Controversy practices in Australia prior to his relocation to China in 2011. In his current role, Lachlan is assisting multinational companies transition to VAT in China. He is a frequent presenter and media commentator on VAT issues in China, and is currently advising China’s Ministry of Finance and State Administration of Taxation on several tax reforms, including VAT and Advance Rulings. - Current at 27 August 2012
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