Federal Court of Australia
Federal Court of Australia
Hedges v Commissioner of Taxation [2022] FCA 1389 File number: NSD 44 of 2021
Judgment of: CHEESEMAN J
Date of judgment: 23 November 2022
Catchwords: INCOME TAX – capital gains tax – appeal from decision of the Administrative Appeals Tribunal – where Tribunal affirmed decision of the Commissioner of Taxation to disallow the taxpayer's objection to an assessment of discounted capital gain from disposal of goodwill in a partnership – where taxpayer is a retired partner of a law firm – where terms of partnership deed provided for the offsetting of moneys payable to and due from the retiring partner upon retirement – whether the relevant capital gain crystallised before or after amounts offset – Held: appeal dismissed with costs.
Legislation: Income Tax Assessment Act 1997 (Cth) ss 116-20(1), 103-10 Partnership Act 1892 (NSW) ss 19, 39
Cases cited: Chief Commissioner of State Revenue (NSW) v Dick Smith Electronics Holdings [2005] HCA 3; 221 CLR 496; 79 ALJR 550 Commissioner of State Taxation v Cyril Henschke Pty Ltd [2010] HCA 43; 242 CLR 508 Wilkie v Gordian Runoff Ltd (2005) 221 CLR 522
Division: General Division
Registry: New South Wales
National Practice Area: Taxation
Number of paragraphs: 52
Date of last submissions: 29 October 2021
Date of hearing: 10 December 2021
Counsel for Applicant: Mr M Bersten
Solicitors for Applicant: Walker Hedges & Co
Counsel for Respondent: Ms J Gatland
Solicitors for Respondent: ATO Review and Dispute Resolution
ORDERS NSD 44 of 2021
BETWEEN: MR BRENT HEDGES Applicant
AND: COMMISSIONER OF TAXATION Respondent
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