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.
Clifford is Special Counsel at McInnes Wilson.
- Current at
22 October 2013