|
|
|
Tax on compo clearer soon
6 Jun 2007
The question of whether compensation payments to irrigators who lose water rights are taxed as income or capital gains seems close to resolution. After intervention by the federal government the ATO has revised its ruling that the payment would be treated as income, instead saying that they will be treated as capital. It is expected that the government will decide that the payments should be treated as capital and that reissued licences will be regarded as rollover of existing assets and so not subject to a capital gains assessment.
Financial Review, 6/06/2007
|
|
