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Published on 15 Mar 08
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
This paper was presented at both the 23 National Convention and the Capital versus revenue: the sun never sets event held in Victoria on 16 April 2008.
The distinction between income and capital has been the pivotal issue on which most tax issues turn since the Commonwealth imposed income tax. When capital gains tax was introduced it was anticipated that the distinction between income and capital would become less significant. To the contrary, the distinction is one gaining more and more attention. In this paper Justice Pagone focuses on recent developments in the income/capital debate including:
the reasons why the distinction remains so central to the Australian tax system
the impact of more recent judicial decisions
if the judgement has been given, the first decision relating to the debt/equity provisions.
Tony PAGONE QC
Justice Tony Pagone was appointed as a Judge of the Supreme Court
of Victoria in May of this year, having previously held a position at the
Court in 2001-2002. Prior to his recent appointment he was a Queens
Counsel at the Victorian Bar, specialising in taxation law and also
practising widely in commercial law. He held the position of Special
Counsel to the Australian Taxation Office and was the President of the
Tax Bar Association.
Current at 9 October 2008Current at 03 November 2008
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