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Q&A: Co-operatives and Non-profits denied application of mutuality principle

Published on 01 Oct 04 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The recent Full Federal Court case of Coleambally Irrigation Mutual Co-operative Ltd v FCT brings into question the ability of co-operatives and other non-profits that have standard winding up clauses preventing distribution to members to utilise the mutuality principle to reduce their tax liability.

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Michael PARKER
Photo of author, Michael PARKER Michael is Partner at Hall & Wilcox, Lawyers. Michael's practice focuses on Capital Gains Tax, business sales, acquisitions & restructuring and business sales & acquisitions.
Current at 22 October 2007
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Jerome TSE
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Mark PAYNE
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