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Goodwill since the Murry case

Published on 17 Mar 99 by QUEENSLAND DIVISION, THE TAX INSTITUTE

Subdivision 118C of the ITAA97 provides for concessional treatment of the capital gain attributable to goodwill arising from the sale of a small business. In Murry's case the majority of the High Court defined goodwill as "the attractive force that brings in custom and adds to the value of the business" with some qualification; while the ATO Draft ruling TR 98/D13 seems to some extent to contradict the position of the majority in Murry.

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Author Photo - Clifford Hughes CTA
Clifford Hughes CTA
Clifford is Special Counsel at McInnes Wilson. Current at 22 October 2013 Click here to expand/collapse more articles by Clifford HUGHES.
 

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