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Tax Case: CGT cost base uplift – taxpayer caught by Part IVA

Taxation in Australia | 1 Feb 08
 
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Published on 01 Feb 08 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

On 20 August 2007 the Federal Court handed down its judgment in the case of Walters v Commissioner of Taxation which considered whether a series of transactions entered into by the taxpayers, resulting in a uplift of the cost base of shares in a company for CGT purposes was a sham and could be caught by the general anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1997 "ITAA 1997".

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Vanessa Ritzinger
Vanessa is a Lawyer in Madgwicks Revenue Group. - Current at 01 March 2010
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