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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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Author Photo - Michael PARKER
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 Current at 02 November 2007 Click here to expand/collapse more articles by Michael PARKER.
 
Author Photo - Jerome TSE
Jerome TSE

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Mark PAYNE
Current at 23 April 2012 Click here to expand/collapse more articles by Mark PAYNE.

 

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