Please sign in here using your existing KPMG Account (KPMG Directors’ Toolkit | KPMG Tax Now | KPMG Support).
If you cannot remember your sign in details, or you need assistance, please contact us.

 

High Court decision in ‘Sharpcan’ capital/revenue case

Gaming machine entitlements a capital asset despite risk of forfeiture.

The High Court has overturned the 2 to 1 decision of the Full Federal Court and unanimously held that the amounts paid by a taxpayer to acquire a number of gaming machine entitlements (GMEs) that allowed it to operate gaming machines were on capital account and not deductible under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997). The amounts paid also did not qualify for a deduction as black-hole expenditure under section 40-880 of the ITAA 1997.The decision in Commissioner of T...

Sign in below or register now to read the full article

Authors: Richard Wilkins

Published Date: 20 October 2019

 

KPMG Tax Now is a digital media website that brings together industry-leading tax news, insights and more from our global network of experts.

Stay informed of important policy and legislation changes, and what it means to you and your business. 

Subscribe to our KPMG Tax Now platform to receive important updates delivered to your inbox, access to exclusive multi-media content, and invitations to interactive information sessions with KPMG experts.

If you are an existing user please click here

Please sign in here or  Register  if you don't have an account

 

 

Forgot Password?      Forgot Username?