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Published on 12 Mar 09
by NATIONAL DIVISION, THE TAX INSTITUTE
This paper covers:
the creation and exercise of rights including:
timing and attribution rules
the impact of contingencies upon the characterisation of the transaction and the quantification of consideration
the distinction between consideration for the creation of the right and the exercise of the right
the potential for multiple taxation and the need for statutory relief or precise attribution of consideration.
the termination or extinguishment of rights including:
forfeiture of deposits: the High Court in Reliance Carpets and the Federal Court in Brooks
performance of contracts and the High Court in Orica
surrenders, releases and the operation of law.
long-term leases, subdivision and issues arising from the interaction of the different taxes.
Peter Green FTIA is a Partner at the Sydney office of Mallesons Stephen Jaques. Peter specialises in revenue law,
including income tax, capital gains tax, stamp duty Australia-wide and GST. Peter is the joint author of the third
edition of Principles of Income Taxation. Current at 11 March 2009
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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