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Distinguishing between income and capital receipts - a search for principle

Publication date: 01 May 99 | Source: JOURNAL OF AUSTRALIAN TAXATION

Issue: Vol 2, No 3

Pages: pp.155-171

The purpose of this article is to provide the reader with a conceptual framework for determining whether a gain which has been realised by a taxpayer is capital or revenue in nature. It will be asserted that the characterisation of receipts as revenue or capital can be explained by reference to two criteria - the consideration in respect of which the item is received and the quality of the receipt as a flow. An attempt is made to outline the scope of these two principles.

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Author profile

Michael Flynn QC CTA-Life
Photo of author, Michael FLYNN Michael Flynn, CTA-Life, is a Barrister specialising in taxation and was National President of The Tax Institute in 2014. He was chair of the organising committee of the National Infrastructure Conference in 2015 and 2016. Michael has appeared before the Federal Court and the High Court in many cases on behalf of both taxpayers and the Commissioner. Michael has been a member of various committees of The Tax Institute for over 20 years, including Victorian State Council (he is a past State Chair) and National Council. He lectures in the postgraduate program at Melbourne University and is President of the Tax Bar Association. - Current at 10 February 2017
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