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Justice Hill Memorial Lecture: Income and capital distinction paper

Published on 15 Mar 08 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

This paper was presented at both the 23 National Convention and the Capital versus revenue: the sun never sets event held in Victoria on 16 April 2008.

The distinction between income and capital has been the pivotal issue on which most tax issues turn since the Commonwealth imposed income tax. When capital gains tax was introduced it was anticipated that the distinction between income and capital would become less significant. To the contrary, the distinction is one gaining more and more attention. In this paper Justice Pagone focuses on recent developments in the income/capital debate including:

the reasons why the distinction remains so central to the Australian tax system
the impact of more recent judicial decisions
if the judgement has been given, the first decision relating to the debt/equity provisions.

Author profile

Justice Gaetano Pagone

Tony has returned to practice as a barrister, after retiring from the Federal Court of Australia where he had been the national co-ordinating judge of the Taxation National Practice Area. Before his appointment to the Federal Court he was a judge of the trial division of the Supreme Court of Victoria and had been the judge in charge of the Commercial Court of that Court. He practised widely in taxation law, commercial law, administrative law, constitution law, public and human rights law during his career at the Bar. He was also Special Counsel to the Australian Taxation Office between 2002 and 2004. He is a professorial fellow of the Melbourne Law School and lectures in several post-graduate courses at the Melbourne Law School and from time to time in the Law Faculty at Monash University. He was the President of the International Association of Judges from October 2018 to September 2021 and had been on the board of the International Association of Tax Judges. - Current at 17 November 2021

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Further details about this event:

23rd National Convention

Justice Hill Memorial Lecture: Income and capital distinction paper

Author profile

Justice Gaetano Pagone

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