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Cross examination: Debt defeasance: the ICI Australia Case ; Burrill's case at face value ; Fallout from energy case

Published on 01 Sep 96 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The first article explains the facts and discusses the decision on the ICI Australia case, which could mean that the ATO may have to amend tax ruling IT2495. The second, although financial transactions are all about the time value of money, the courts continue to adhere to a face value approach. The most recent example4 is the Full Bench Court decision in Burrill v FCT. And the third, examines the High Court's recent decision on the Commissioner's appeal in FCT v Energy Resources of Australia Ltd generally is favourable to taxpayers, it raises issues that may now need to be addressed.

Author profiles

Prof Richard Vann CTA
Richard is Challis Professor of Law at the University of Sydney and has taught at Harvard and NYU Law Schools and the Universities of Amsterdam, London and Oxford. Richard has worked in the past at the IMF and OECD and held many Government consultancies in Australia and elsewhere. He has been a consultant for specialist tax firm Greenwoods & Herbert Smith Freehills since 1985. Richard specialises in corporate and international taxation on which he has published widely both in Australia and internationally. - Current at 11 July 2019
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Robert Allerdice
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