Capital vs Revenue - Income Perspective
By Peter Adams
1h 8m CPD time
Difficulty: Basic
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Learn to categorise assessable income as being on either capital or revenue account.
This session covers:
An overview of assessable income
Capital vs revenue distinction for income
General characterisation
Isolated business or commercial transaction (Myer Emporium principle)
Income from isolated transactions - land
Mere realisation of a capital asset
Land development (Whitfords Beach case)
Case studies
August v Commissioner (2013)
McCarthy v Commissioner (2021)
ATO focus on property transactions
Date recorded: 22 January 2024