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Isolated property transactions paper

Published on 19 Jun 14 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper covers:

  • the relevant law
  • ordinary income
  • assessable income arising from an isolated transaction
  • mere realisation – a summary of factors relevant to the intention element (taken from TR 92/3)
  • observations as to the Myer first element
  • summary as to the Myer second element
  • mere realisation: general observations
  • application of the law (master class case study).

Author profile:

Jonathan Ilbery CTA-Life
Jonathan is a former National President of The Tax Institute with extensive knowledge of State and Federal Taxation legislation and over 30 years of experience in advising upon a wide range of commercial transactions. Jonathan is the senior partner in the Perth law firm of Jackson McDonald. His practice focuses upon revenue law and its impact on businesses and individuals. He has extensive experience in representing clients in relation to tax disputes, advising in resolution of those disputes with the Australian Taxation Office and WA Office of State Revenue and in structuring of businesses, trusts and individual affairs to maximise business operations and succession planning while minimising tax imposts (both Federal and State). He has an on-going involvement, as a life member and past President, in The Tax Institute's education programme and an on-going involvement in tax legislation and administration as deputy chair and member of the Law Council's and Law Society's, taxation committees. Current at 01 July 2014 Click here to expand/collapse more articles by Jonathan ILBERY.
 
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Isolated property transactions

Author(s):  Jonathan ILBERY

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