Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2022
Determining whether an item of personal property (a chattel) that has been attached to land retains its character as such or whether it has been incorporated into the land so as to be a fixture is an issue of property law that continues to generate disputes, as seen recently in two Supreme Court cases involving wind farm assets. The conclusion drawn in any particular set of circumstances can lead to divergent outcomes in relation to numerous tax issues. Part 1 of this article provided an overview of the general law of fixtures and considered the implications for state taxes. This part 2 turns to income tax issues, focusing on depreciation, CGT, Div 6C of the Income Tax Assessment Act 1936 (Cth) and the managed investment trust rules, and international tax.
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