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Dick Smith Electronics: How a loan to a company became part of the consideration for the purchase of the shares in that company paper

Published on 29 Mar 05 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

Matters covered in this paper include:

  • 'consideration' for duty purposes
  • the High Court's decision in Dick Smith [2005] HCA 3; 2005 ATC 4052
  • consideration comprising items other than the stated 'purchase price'
  • relevance of Davis Investments 100 CLR 392 to the consideration issue.

Author profile:

Dr Holger Sorensen CTA
Dr Sorensen is a Sydney barrister practising in revenue law from Ground Floor Wentworth Chambers, and is also an Adjunct Professor, Faculty of Law, University of Technology, Sydney. Prior to commencing practice in Sydney in 1984, he was Senior Solicitor (Investigations), Special Prosecutor's Office, Sydney involved in investigation of the 'bottom-of-the-harbour' tax schemes. He formerly practised as a partner in a Melbourne commercial law firm, a Crown Counsel (Crown Law Office, New Zealand), and solicitor (New Zealand Inland Revenue Department (Tax Office)). He is a contributor of articles published in Taxation in Australia, Law Society Journal and Australian Tax Review, and, since 1990, has taught post-graduate courses at the University of Technology, Sydney. His PhD (in tax law) was conferred by the University of Melbourne. Current at 01 February 2015 Click here to expand/collapse more articles by Holger SORENSEN.
 
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