AusNet and the discretionary power to reconstruct accounts: Part 2
Source: The Tax Specialist Journal Article
Published Date: 1 Mar 2017
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, published in the October 2016 issue of the journal, the author set out the primary facts of, and issues in, the case, and discussed the decision at first instance in the Federal Court. Part 2 now turns to examine in detail the decision of the Full Court of the Federal Court on appeal, and the implications of the decision.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Aaron Corcoran
- Published On:1 Mar 2017
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page