Federal Court of Australia
433 "4 CATCHWORDS
Income Tax - outgoings incurred by taxpayer in connection with
afforestation scheme - whether allowable deductions under s.51
Income Tax Assessment Act, 1936 ("ITAA") - investment 1n scheme
largely funded by borrowings - whether outgoings actually "incurred" within meaning of s.51 - whether outgoings incurred in gaining or producing assessable income or in carrying on a business - deductibility of prepaid expenses - relevance of taxpayer's motives to deductibility - whether outgoings
of capital rather than revenue nature - applicability of s.82KL(1) of ITAA - whether value of additional benefit in relation to eligible relevant expenditure and expected tax saving in connection with that eligible relevant expenditure equal to or greater than the amount of the eligible relevant
expenditure - applicability of s.260 so as to deny deductions.
Income Tax Assessment Act, 1936 ss.51, 82KH, 82KL, 190, 260
Federal Commissioner of Taxation v. James Flood Pty. Limited (1953) 88 C.L.R. 492 - con.
Ure v. Federal Commissioner of Taxation (1981) 34 A.L.R. 237 - con.
Federal Commissioner of Taxation v. Ilbery (1981) 38 A.L.R. 172 - con.
Clowes v. Federal Commissioner of Taxation (1954) 91 C.L.R. 209 - con.
Cecil Bros. Pty. Limited v. Federal Commissioner of Taxation (1964) lil C.L.R. 430 - con.
The Commissioner of Taxation of the Commonwealth of Australia v. Loke Sun Sid Lau
G 92 of 1984 Fox, Jenkinson and Beaumont, JJ.
Sydney 18 December 1984.
4 33 CATCHWORDS
Income Tax - outgoings incurred by taxpayer 1n connection with
afforestation scheme - whether allowable deductions under s.51l
Income Tax Assessment Act, 1936 ("ITAA") - investment in scheme
largely funded by borrowings - whether outgoings actually "incurred" within meaning of s.51 - whether outgoings incurred in gaining or producing assessable income or in carrying on a business - deductibility of prepaid expenses - relevance of taxpayer's motives to deductibility - whether outgoings
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