A court has weighed in on the tax treatment of the proceeds of developed land, finding the landowner did not engage in business-like conduct such that his profits should be considered income.
Victoria’s State Revenue Office must pay the bulk of costs incurred by shopping centre landlord Vicinity in a successful challenge to $82.5 million in stamp duty slapped on land occupied by Myer and Emporium in Melbourne’s city centre.
The ATO has lost its bid for a court-appointed joint expert after it failed to find a witness with legal expertise in structuring hotel sales who was not “commercially conflicted”, with a judge ruling that Hilton should not be prevented from relying on an expert report it already obtained.
Construction company Clough Limited has appealed a ruling that found it cannot claim over $15 million paid to employees for cancellation of their shares and options as a tax deduction.
Construction company Clough Limited cannot claim over $15 million paid to employees for cancellation of their shares and options as a tax deduction, with a judge dismissing the Perth-based company’s appeal of a decision from the Commissioner of Taxation.
Maurice Blackburn has come up short in its challenge to a multimillion dollar tax bill for a record settlement payout in the Black Saturday bushfire class actions.