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  Miscellaneous 2010

How contract interpretation and corporate principles influence tax results

Source: The Tax Specialist Journal Article

Published Date: 1 Oct 2010

 
Orica Ltd v FC of T considers whether the named taxpayer transferred distribution rights to subsidiaries, the purveyor or the purveyor's successor, Zeneca. The transfer of distribution rights occurred at the moment that Orica assigned its deed in exchange for Zeneca's liability waiver. Orica received the substituted market value for the waiver under the operation of s 160ZD(2)(c) of the Income Tax Assessment Act 1936 (Cth) (ITAA36). Because Orica therein understated the tax owed, penalty tax of 25% was imposed.
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