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Tax cases: Metal Manufactures Ltd v Commissioner of Taxation 1999 FCA 1712: sale and leaseback held to be effective

Published on 01 Feb 00 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The article compares the decision in the case of Metal Manufacturers Ltd v Commissioner of Taxation [1999] FCA 1712 (8 December 1999) with an earlier decision of the Federal Court in Eastern Nitrogen Ltd v Commissioner of Taxation [1999] FCA 1536 (5 November 1999). In the latter case deductions for payments made under a sale and leaseback arrangement were denied. It is expected that the losing parties in both cases will appeal against the decisions. In the interim, there is uncertainty how the Courts will interpret the effectiveness of such arrangements.

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Annamaria CAREY

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