CLAW3201 Lecture Notes - Lecture 4: Income Tax Assessment Act 1936, Intellectual Property, Put Option
27 Oct 2018
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Week 4: concepts of income part 2 income. Loan discount: amount provided to borrower is less than amount of loan. Loan premium: borrower has to repay more than amount advanced by lender. Lomax v peter dixon & son ltd (1943) 1 kb 671 signals risk of repayment of capital nature. Fct v hurley holdings (nsw) pty ltd (1989) 20 atr 1293 discount replaces interest oi: rent lease premium: payment potential lessee to induce lessor to enter lease agreement with lessee, case law: usually capital receipt. Now covered under s 104-110 itaa 1997 cgt event f1 where capital gain = capital proceeds (premium) related expenses: however, will be oi if taxpayer is in business of receiving lease payments (kosciusko thredbo. Pty ltd v fct (1983) 15 atr 165) or where the lease premium is in reality a substitute for rent (dickenson v fct (1958) 98 clr 460).
