The distinction between fixtures and chattels - part 1: the general law of fixtures and state taxes
Source: The Tax Specialist Journal Article
Published Date: 1 Aug 2022
Determining whether an item of personal property (a chattel) that has been attached to land retains its character as such or whether it has been incorporated into the land so as to be a fixture is an issue of property law that continues to generate disputes, as seen recently in two Supreme Court cases involving wind farm assets. The conclusion drawn in any particular set of circumstances can lead to divergent outcomes in relation to numerous tax issues. This article provides an overview of the general law of fixtures and considers the implications for state taxes. Part 2 will turn to income tax issues, focusing on depreciation, CGT, Division 6C of the Income Tax Assessment Act 1936 and the managed investment trust (MIT) rules, and international tax.
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: Celeste Black
- Published On:1 Aug 2022
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