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dc.contributor.authorFullarton, Lex
dc.contributor.authorPinto, Dale
dc.identifier.citationFullarton, A. and Pinto, D. 2021. The Wade Case: An analysis. New Zealand Journal of Taxation Law and Policy. 27 (2).

The Australian Taxation Office (ATO) considers ALL animals sold as part of a primary production business as trading stock. However, the word ALL is not contained in s 995 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997); rather, the ATO view is based on its interpretation of the findings in Federal Commissioner of Taxation v Wade (‘Wade Case’).

This paper looks at the cases examined by their Honours in the Wade Case and similar cases related to the sale of livestock. It argues that the findings of the Wade Case may have been misinterpreted and that the ATO’s view is not as valid as is generally accepted. It argues that the revenue from sale of stud, or breeding, animals should be taxed under the capital gains tax provisions of the ITAA 1997 and not as income according to ordinary concepts.

dc.subjectTrading Stock
dc.subjectBreeding stock
dc.subjectCapital Gains Tax
dc.subjectBusiness expenditure
dc.subjectIncome tax deductions
dc.titleThe Wade Case: An analysis
dc.typeJournal Article
dcterms.source.titleNew Zealand Journal of Taxation Law and Policy
curtin.departmentCurtin Law School
curtin.accessStatusFulltext not available
curtin.facultyFaculty of Business and Law
curtin.contributor.orcidFullarton, Lex [0000-0002-9985-4043]

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