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Tax Case: The other side of midnight

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

On 24 December 2003, the Full Federal Court gave Energy Resources of Australia Limited (ERA) an early Christmas present, by confirming the decision of Lindgren J (Energy Resources of Australia Limited vs. Commissioner of Taxation 2003 ATC 4024) that ERA's opening value for trading stock could properly be calculated as a figure higher than originally returned by ERA, notwithstanding that the Commissioner no longer had statutory power to make a corresponding amendment increasing ERA's closing value of trading stock for the previous year.

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Tim NEILSON
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