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The Orica Decision


The ORICA (I.C.I.) case is the latest consideration by the High Court of income under Section 25(1) and assets and disposal under the Capital Gains Tax. The High Court has accepted that the mere performance of a contractual obligation gives rise to a taxable capital gain, but not ordinary income, to a non-financial institution. This paper looks at the ORICA decision and the implications of the decision. This paper also includes the Commissioner's approach report.

Author profiles

Russell GARVEY
Russell is Director of Tax Consulting with Horwath (WA). He has 25 years experience in commerce and the public and private sectors including 22 years in the taxation field, advising a wide range of clients on State, Federal and International revenue law. Russell has a unique public and private sector experience. As a former Tax Counsel with the ATO, Russell was deeply involved with the development and application of taxation policy and legislation in both Perth and Canberra and penned several public rulings during that time. He provides specialist advice to a wide range of clients in the not for profit sector, including sporting bodies, not for profit hospitals, some of the country's most prominent charities and public benevolent institutions. Russell has also consulted to our public and private universities on all areas of taxation compliance and planning.
Current at 8 July 2004
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Des Maloney
Photo of author, Des MALONEY Des is the Special Tax Adviser at the Australian Taxation Office. Previously, he was Deputy Chief Tax Counsel for the ATO, a role he held from 1994 until 2011. His work includes advising on major public and private rulings and strategic litigation. Des has been Chair of the Public Rulings Panel and the General Anti Avoidance Rules Panel and currently chairs the International Steering Committee as well as the NTLG International Sub-committee. - Current at 02 July 2012
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This was presented at Paper Profits, CGT & the ORICA Decision .

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Individual sessions

The ORICA Decision

Author(s):  Russell GARVEY,  Des MALONEY

Materials from this session:

Life after Orica: CGT: the case for legislative change

Author(s):  Russell GARVEY,  Des MALONEY

Materials from this session:

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