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.
Tim Neilson CTA
Tim is a Special Counsel of Greenwoods & 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 of The Tax Institute, and a member of the Advisory Board for the Monash University Journal of Australian Taxation.
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 01 November 2013
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