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Developments in relation to capital outgoings – sections 8-1 and 40-880 paper

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Published on 10 Nov 22 by NATIONAL DIVISION, THE TAX INSTITUTE

In recent years the Courts have handed down a number of decisions concerning the classification and treatment of capital expenditures under sections 8-1 and 40-880 of the Income Tax Assessment Act 1997. This paper examines these decisions closely and consider their implications in the characterisation of other outgoings that fall close to the line between capital/revenue such as labour costs. The paper also examines the effectiveness of section 40-880 in giving effect to its underlying purpose of allowing deductions for blackhole expenditure.

Author profiles

Daniel McInerney KC
Daniel McInerney KC is one of Australia’s leading taxation barristers. Since being called to the Bar in 2007 he has appeared in many significant tax cases and is regularly called upon for his advice on complex tax issues by taxpayers and the Australian Taxation Office. - Current at 22 March 2024
Click here to expand/collapse more articles by Daniel McINERNEY.
Melanie Baker KC CTA
Melanie Baker KC, CTA, is a Barrister at the Victorian Bar who specialises in tax and administrative law. As a barrister, Melanie regularly advises, and appears on behalf of, taxpayers and the Commissioner of Taxation. In recent years, she appeared in the transfer pricing case Glencore and the anti-avoidance cases, BBlood Enterprises and Minerva. Melanie is also a Senior Fellow of the University of Melbourne where she co-lectures the post-graduate law subject, ‘Tax Litigation’. - Current at 09 August 2023
Click here to expand/collapse more articles by Melanie BAKER.

 

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