Deduction granted for losses on share trading activities: Full Federal Court reverts to the principles established in Myer Emporium

Joshua Goldsmith takes a closer look at the recent decision of the Full Federal Court in Greig v Commissioner of Taxation [2020] FCAFC 25.

The Full Federal Court has, by a majority of two to one, allowed an appeal by a taxpayer seeking to claim a deduction for losses on share trading activities (and associated costs) by relying on the longstanding principles established in Federal Commissioner of Taxation v Myer Emporium Ltd (1987) 163 CLR 19. In Greig v Commissioner of Taxation [2020] FCAFC 25, Steward and Kenny JJ (with a dissenting judgement provided by Derrington) overturned the 2018 Federal Court decision on the basis that ...

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Authors: Joshua Goldsmith

Published Date: 11 March 2020