Tax Case: Misadventure for joint venture participant
Source: Taxation In Australia Journal Article
Published Date: 1 Mar 2005
Participants in joint venture arrangements should be aware that termination payments may not be capital in nature but may be assessable to the participant as ordinary income in the year of receipt. In arriving at this conclusion, Senior Member Lindsay considered, in AAT case [2005] AATA 47, that all circumstances leading up and surrounding the entry into joint venture agreements should be taken into account in assessing the character of the receipt in the hands of the recipient.
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- Published By: Cindy Ong
- Published On:1 Mar 2005
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