Published on 01 Jun 00
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
CSR Ltd has been successful in the Federal Court in arguing that a sum received from an insurer in settlement of a legal action was not assessable as ordinary income. CSR Ltd argued that the settlement sum was paid as consideration for the release of a number of rights. The Commissioner argued that it was a regular and recurrent part of the taxpayer's business to insure against risk and to receive payment from its insurers. Gyles J in the Federal Court referred to the High Court case of Allsop .
Annamaria is a Senior Tax Writer with ATP. She has 20 years experience in tax, spanning publishing, the ATO, commerce and the tax profession. Annamaria has been involved in formal liaison with the ATO and Treasury on a number of Committees including the Consolidation Joint Design Team. She has recently published a textbook on 'Consolidations - The Adviser's Guide' and has addressed a number of forums on consolidations.
- Current at
18 May 2004