Abstract:
The taxable nature of the proceeds from isolated sales raises many difficult questions of Law and fact. While it is clear that profits stemming from the sale of property are taxable when the vendor is in the business of selling such assets, when such proceeds will be considered taxable when the person is not in such a business remains to some extent unclear. This article critically examines the Federal Commissioner of Taxation's view as to the taxable nature of isolated receipts, expressed in TR 92/3, and the professional bodies' reply, concluding that neither presents an accurate picture of the law.
