Isolated transactions: current income tax implications

Hanegbi, Rami 2006, Isolated transactions: current income tax implications, Australian tax review, vol. 35, no. 4, pp. 248-261.

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Title Isolated transactions: current income tax implications
Author(s) Hanegbi, Rami
Journal name Australian tax review
Volume number 35
Issue number 4
Start page 248
End page 261
Publisher Lawbook Co
Place of publication Sydney, N.S.W.
Publication date 2006
ISSN 0311-094X
Summary Profits from isolated transactions will often be potentially caught by the capital gains tax provisions of the income tax legislation. Because the provisions usually tax gains at concessional rates but only apply to gains that are not otherwise taxable, it is important to determine when gains from isolated transactions constitute ordinary income. This article discusses when isolated transactions generate ordinary income, as well as briefly mentioning what statutory provisions they might be assessable under. Isolated transactions will generate ordinary income when the transaction has the sufficient indicia of a business, or when it comes under one of the strands of Commissioner of Taxation (Cth) v Myer Emporium Ltd (1987) 163 CLR 199. However, the law in this area is complex and unclear in parts. The relevant tax ruling, TR 92/3, is incomplete and at times inaccurate and so is of very limited assistance.
Language eng
Field of Research 180125 Taxation Law
HERDC Research category C1 Refereed article in a scholarly journal
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Document type: Journal Article
Collection: Law
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