Source: Taxation In Australia Journal Article
Published Date: 1 Feb 2023
The recent cases dealing with the characterisation of outgoings as being either on revenue or capital account serve as a reminder that the borderline cases remain as difficult to resolve as ever. Although these cases have revealed some themes in terms of how parties have sought to argue their cases, and the High Court introduced the concept of the counterfactual in Sharpcan, arguably the main "trend" in the recent cases is that the result often comes down to answering a prior question: what was the amount really paid for?
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