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Ongoing revenue v capital issues - share "traders"

Publication date: 02 Oct 13 | Source: CCH TAX WEEK

Issue: Issue 37, 20 Sep 2013

Pages: p 1-2

Abstract:

A recent AAT decision in Hartley v FC of T, 2013 ATC 10-333, found that the taxpayer was not in the "business" of share trading and supported the Commissioner's postulate that he was an "investor". As a consequence the taxpayer was denied revenue deductions for the losses incurred.

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Author profile

Scott McGill CTA
Scott is a Partner at Pitcher Partners Sydney where he focuses on taxation, business, structuring and succession issues for a wide range of clients including high net worth and large private SME’s. He is closely engaged in the property industry across income tax, GST and state taxes and actively involved number of technical forums including the Property Council, Retirement Living Council and CAANZ taxation working groups. Scott does not shy away from complex issues or disputes and has a reputation for achieving commercial outcomes. He is active in The Tax Institute as former New South Wales State Chair, remaining active in State Council and the Professional Development committees. He has presented a number of papers for The Tax Institute and other bodies and is always willing to have a robust discussion. - Current at 18 July 2019
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