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Paper Profits, CGT & the ORICA Decision

Published on 16 Jul 1998 | Took place at City West Function Centre, City West , WA

The ORICA (I.C.I.) case is the latest consideration by the High Court of income under Section 25(1) and assets and disposal under the Capital Gains Tax. The High Court has accepted that the mere performance of a contractual obligation gives rise to a taxable capital gain, but not ordinary income, to a non-financial institution.

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Individual sessions

The ORICA Decision

Author(s):  Russell GARVEY,  Des MALONEY The ORICA (I.C.I.) case is the latest consideration by the High Court of income under Section 25(1) and assets and disposal under the Capital Gains Tax. The High Court has accepted that the mere performance of a contractual obligation gives rise to a taxable capital gain, but not ordinary income, to a non-financial institution. This paper looks at the ORICA decision and the implications of the decision. This paper also includes the Commissioner's approach report.

Materials from this session:

Life after Orica: CGT: the case for legislative change

Author(s):  Russell GARVEY,  Des MALONEY The ORICA (I.C.I.) case is the latest consideration by the High Court of income under Section 25(1) and assets and disposal under the Capital Gains Tax. The High Court has accepted that the mere performance of a contractual obligation gives rise to a taxable capital gain, but not ordinary income, to a non-financial institution. This paper looks at the ORICA decision and the need for legislative change.

Materials from this session: