Casino loses $120m bet
Dabner, Justin (2009) Casino loses $120m bet. CCH Tax Week, 20. pp. 1-5.
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The recent Full Federal Court decision in FC of T v Star City Pty Ltd 2009 ATC ~20-093 provides an example of a calculated tax planning gamble gone astray. The tax planning was directed at converting a $120m lump-sum capital payment into a deductible revenue expense. However, it failed both the capital/revenue distinction and Pt IV A. This was in no small part due to the failure to ensure consistency in the contemporaneous documentation and the court's willingness to examine the tax advice provided to the taxpayer.
|Item Type:||Article (Commentary)|
|Keywords:||taxation; taxation law|
|Date Deposited:||30 Apr 2010 01:58|
|FoR Codes:||18 LAW AND LEGAL STUDIES > 1801 Law > 180125 Taxation Law @ 100%|
|SEO Codes:||94 LAW, POLITICS AND COMMUNITY SERVICES > 9499 Other Law, Politics and Community Services > 949999 Law, Politics and Community Services not elsewhere classified @ 100%|