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 .
Current at 15 July 2009
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