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09 May 11 Capital appreciation payment deductible to retirement village

The AAT has held that a payment to a former resident of a Queensland retirement village by the retirement village proprietor of part of the capital amount by which their leasehold interest in the village had appreciated during their residency was deductible to the retirement village proprietor under s 8-1 ITAA 1997, being a payment "necessarily incurred in carrying on a business". The Commissioner's argument that the payment was capital in nature was rejected: The Retirement Village company and FCT [2011] AATA 298 (AAT, Hack SC DP, 6 May 2011).


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