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Myer isolated transactions doctrine (first strand) at 33-year anniversary
Published on 01 Aug 20 by "THE TAX SPECIALIST" JOURNAL ARTICLE
A third of a century has now passed since the momentous High Court decision in FCT v The Myer Emporium Ltd. For many reasons, the case is significant. It could also be argued, as many have, that the decision expanded the income concept and/or changed the courts’ approach to characterising the income-capital boundary for isolated transactions. (It may also be argued that it introduced a new income principle in the form of (now known as) the second strand.) Many students of tax, tax academics, tax practitioners and tax judges are still grappling with the isolated transactions doctrine in Myer. In part, this is due to gaps in the articulation of the isolated transactions doctrine in Myer itself, and in subsequent cases. While the recent Full Federal Court decision in Greig v FCT contributes to settling the nature and scope of the isolated transactions doctrine, the majority decision has also highlighted areas that require further judicial consideration and decision-making. This article aims to fill some of the
gaps by first identifying them, and from there, suggesting the preferred approach to filling those gaps. The article also highlights areas of the doctrine that require further judicial articulation.
Author profile
Dale Boccabella CTA
Dale has 18 years experience teaching a wide range of Australian taxation law courses at both undergraduate and postgraduate level including goods and services tax, fringe benefits tax, taxation of companies, tax administration and tax avoidance. Dale is currently teaching at the University of New South Wales and has also published over 70 articles on a wide range of areas of Australia’s taxation system. - Current at 29 May 2019
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