Greig v Commissioner of Taxation [2018] FCA 1084

TAXATION – appeal from an objection decision of the Commissioner of Taxation – whether certain outgoings were incurred in gaining or producing assessable income and therefore deductible under s 8-1(1)(a) of the Income Tax Assessment Act 1997 (Cth) – whether taxpayer incurred share losses and legal fees in a “business operation or commercial transaction” entered into for the purpose of making a profit – application of principle in Federal Commissioner of Taxation v The Myer Emporium Ltd [1987] HCA 18; (1987) 163 CLR 199

TAXATION – whether share losses and legal fees were necessarily incurred in carrying on a business and therefore deductible under s 8-1(1)(b) of the Income Tax Assessment Act 1997 (Cth) – whether taxpayer carried on a business of dealing in shares in a particular company. Click here