AusNet and the discretionary power to reconstruct accounts: Part 1
Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2016
The decision of the Federal Court in the AusNet Transmission Group Pty Ltd case concerned the capital allowance treatment of copyright in various drawings and documents. The case turned on the exercise of the Commissioner's power under s 124R(5) of the Income Tax Assessment Act 1936 to allocate a cost to the copyright assets, and vicariously on the nature and scope of the opportunities that exist for review of the Commissioner's decision. The result of the decision is that s 124R(5) determinations are liable to objective merits review and afford no protected discretionary area to administrators. In part 1 of this two-part article, the author sets out the primary facts of the case and the manifold issues raised by it. The author then discusses in detail the decision at first instance in the Federal Court. Part 2 will examine the decision of the Full Court of the Federal Court on appeal.
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Details
- Published By: Aaron Corcoran
- Published On:1 Oct 2016
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