Taxation Law Notes – Winson Edition 2010
Taxation law notes – Winson Edition 2010
Income from business
The main issues that arise from income from business:
1. Is a business being carried on?
Ferguson v FCT FCT v Walker Ruling TR 97/11 Ruling TR 2007/8 1.1 hobby or business - Evans v FCT—gambling - FCT v Stone—sportman and sponsorship 1.2 Share trading - Shields v Deputy Commissioner of Taxation 2.
Is income or capital nature?
2.1 scope of business - Californian Copper Syndicate v Harris - Western Goldmines (NL) v DCL (WA) - Scottish Australian Mining Co Ltd v FCT profit making scheme - FCT v Whitfords Beach Pty Ltd - FCT v Myer Emporium Ltd - Westfield Ltd v FCT - FCT v Cooling - FCT v Montgomer Intellectual information - Evans Medical Supplies Ltd v Moriarty - Rolls-Royce Ltd v Jeffrey Use of business receipt to acquire capital assets - G P International Pipecoaters Pty Ltd v FCT Property development and land dealing - Statham v FCT - Moana Sand Pty Ltd v FCT Trusts and Investment Companies - Charles v FCT (fiduciary duty) - London Australia Investment Co Ltd v FCT (investment, carry on business) Gift - Federal Coke Co Pty Ltd v FCT Debt defeasance is not ordinarily income - FCT v Orica
2.2
2.3 2.4 2.5 2.6
2.7 2.8
1
Taxation law notes – Winson Edition 2010
The proceeds of a business, provided that they are derived from within the scope of the business, are income on ordinary concepts: Myer Emporium Income may arise from an isolated profit-making scheme outside the scope of the business or even where no business exists. The tp acquires an asset intending at the time of acquisition to resell it for a profit and carries out that intention. The tp’s profitmaking intention must exist at the time of entry into the scheme and the profit must be made in the vey way intended at the time of entry: Westfield Ltd Business: it includes any profession, trade, employment, vocation or calling but does not include occupation as an employee. An isolated transaction occurs when there is
Income from business
The main issues that arise from income from business:
1. Is a business being carried on?
Ferguson v FCT FCT v Walker Ruling TR 97/11 Ruling TR 2007/8 1.1 hobby or business - Evans v FCT—gambling - FCT v Stone—sportman and sponsorship 1.2 Share trading - Shields v Deputy Commissioner of Taxation 2.
Is income or capital nature?
2.1 scope of business - Californian Copper Syndicate v Harris - Western Goldmines (NL) v DCL (WA) - Scottish Australian Mining Co Ltd v FCT profit making scheme - FCT v Whitfords Beach Pty Ltd - FCT v Myer Emporium Ltd - Westfield Ltd v FCT - FCT v Cooling - FCT v Montgomer Intellectual information - Evans Medical Supplies Ltd v Moriarty - Rolls-Royce Ltd v Jeffrey Use of business receipt to acquire capital assets - G P International Pipecoaters Pty Ltd v FCT Property development and land dealing - Statham v FCT - Moana Sand Pty Ltd v FCT Trusts and Investment Companies - Charles v FCT (fiduciary duty) - London Australia Investment Co Ltd v FCT (investment, carry on business) Gift - Federal Coke Co Pty Ltd v FCT Debt defeasance is not ordinarily income - FCT v Orica
2.2
2.3 2.4 2.5 2.6
2.7 2.8
1
Taxation law notes – Winson Edition 2010
The proceeds of a business, provided that they are derived from within the scope of the business, are income on ordinary concepts: Myer Emporium Income may arise from an isolated profit-making scheme outside the scope of the business or even where no business exists. The tp acquires an asset intending at the time of acquisition to resell it for a profit and carries out that intention. The tp’s profitmaking intention must exist at the time of entry into the scheme and the profit must be made in the vey way intended at the time of entry: Westfield Ltd Business: it includes any profession, trade, employment, vocation or calling but does not include occupation as an employee. An isolated transaction occurs when there is