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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
Clifford HUGHES
Clifford Hughes FTIA works for Clifford Hughes & Associates. Clifford specialises in providing revenue, structuring and succession advice to high wealth individuals and small to medium enterprises. He acts as a specialist consultant to legal and accounting practices in QLD, NSW & Victoria on these issues, including advice in respect of CGT, GST, demergers, stamp duty and international trust structures.
Current at 14 August 2008
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