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Tax Case: CGT cost base uplift – taxpayer caught by Part IVA

Published on 01 Feb 08 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

On 20 August 2007 the Federal Court handed down its judgment in the case of Walters v Commissioner of Taxation which considered whether a series of transactions entered into by the taxpayers, resulting in a uplift of the cost base of shares in a company for CGT purposes was a sham and could be caught by the general anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1997 "ITAA 1997".

Author profile:

Vanessa Ritzinger
Vanessa is a Lawyer in Madgwicks Revenue Group. Current at 01 March 2010 Click here to expand/collapse more articles by Vanessa RITZINGER.
 
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