Cost and price in capital gains tax - firm foundation or shifting sands?
01 Sep 95 |
AUSTRALIAN TAX REVIEW
This article explores circumstances in which the conventional method of computing the capital gain realized on a transaction is abandoned. In these situations, the price paid for an asset or the amount received on its sale are ignored, and, instead, the amount of the taxpayer's capital gain is calculated by reference to other figures. In such cases, taxpayers and their advisers cannot rely simply on records of price paid as "consideration in respect of acquisition" nor price received as "consideration in respect of disposal", but must proceed from completely different amounts which will not emerge from the taxpayer's financial accounts but, rather, from the taxpayer's accumulated tax history
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Graeme Cooper, FTI, is Professor of Taxation Law at The University of Sydney and a consultant to Greenwoods & Herbert Smith Freehills. He is a former Chair of the New South Wales State Council of The Tax Institute and former member of the National Council. He has worked as a consultant to the ATO, Treasury, Board of Taxation, United Nations, OECD, World Bank, the International Monetary Fund and several foreign governments. He was admitted to legal practice in New South Wales and Victoria, and practised commercial law and tax in Sydney before entering teaching. He has taught in law schools in Australia, Europe and the United States, and holds degrees from the University of Sydney, University of Illinois and Columbia University, New York.
- Current at
06 June 2019