Skip to main content
shopping_cart

Your shopping cart is empty

Characterising receipts and outgoings convention paper

Published on 10 Sep 04 by VICTORIAN DIVISION, THE TAX INSTITUTE

The recent decision in Transurban City Link Ltd v C of T reinforces the fact that in order to determine whether a receipt or outgoing is of a revenue or capital nature you need to understand the true underlying character of the outgoing or receipt.

This paper explores the approach you need to take to ensure that you have correctly characterised a receipt or outgoing:
- can you assume that the label by which an item is referred to in a contract reflects its true character?
- interpreting contracts
- when are extraneous materials relevant?
- what do you do when the parties to the contract have a different understanding as to the character of outgoing or receipt?
- what do you do when third parties such as merchant bankers or the ATO have a different understanding as to the character of the outgoing or receipt?

Author profile:

Jennifer BATROUNEY
Jennifer is a Senior Counsel at the Victorian Bar practising in taxation, superannuation, charity and commercial law.
Current at 6 May 2009
Click here to expand/collapse more articles by Jennifer BATROUNEY.
 

This was presented at VICTORIAN/TASMANIAN STATE CONVENTION: TAX - A BALANCING ACT .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Avoiding tax avoidance: the primacy of Part IVA

Author(s):  Justice Ronald SACKVILLE

Materials from this session:




Compliance program - small to medium enterprise segment

Author(s):  Michael CRANSTON

Materials from this session:

Property investment and development

Author(s):  Ron JORGENSEN

Materials from this session:


Characterising receipts and outgoings

Author(s):  Jennifer BATROUNEY

Materials from this session:

Trusts - new strategies and current issues

Author(s):  Graeme HALPERIN

Materials from this session:






International tax inbound investment

Author(s):  Mark GREEN

Materials from this session:




New accounting standards and tax

Author(s):  Brett KALLIO

Materials from this session:


Further details about this event:

 

Copyright Statement