Published on 11 Sep 14
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
This presentation covers:
- a number of provisions of the taxation laws rely on the concept of “market value”
- “market value” is not generally well defined
- test in Spencer v Commonwealth:
- value which would be agreed between a knowledgeable, willing but not anxious buyer and seller acting at arm’s length
- “highest and best use”
- area for dispute remains
- RCF: regard must be had to the relevant statutory context.
Sarah is a Partner of KPMG Legal and Tax Services specialising in revenue disputes, primarily in the Federal Court of Australia and Supreme Court of New South Wales jurisdictions. Prior to joining KPMG, Sarah gained a wealth of commercial litigation experience during 11 years with Herbert Smith Freehills where Sarah was a Partner with the Commercial Litigation Practice Group. She has advised and acted for clients on a wide range of disputes across tax, contract and corporations law and in respect of various regulatory reviews and investigations.
- Current at
23 June 2015