Your shopping cart is empty

Tax Case: The other side of midnight


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.

Author profile

Tim Neilson CTA-Life
Photo of author, Tim NEILSON Prior to joining White & Case, Tim was a Special Counsel at Greenwoods & Herbert Smith Freehills Pty Limited in Melbourne. Tim is a legal practitioner who practices primarily in the area of income tax and capital gains tax, generally for “large business and international” type clients, mainly in financing, major projects and M&A. He is a former State Chairman and current National Councillor of The Tax Institute, and is immediate past President of the Institute. He has published frequently in professional journals and spoken at professional organisation conferences and seminars and guest lectures in the University of Melbourne’s Masters of Laws program. - Current at 06 November 2020
Click here to expand/collapse more articles by Tim NEILSON.


Copyright Statement
click to expand/collapse