Sharpcan highlights problems

Greenwoods_Sharpcan_article.pdf (394 kb)

Lack of a regime for depreciating wasting intangible assets

The High Court recently handed down its judgment in the Sharpcan litigation (FCT v Sharpcan Pty Ltd [2019] HCA 36, reported at 2019 WTB 44 [1387], a case that raises a well-trodden capital-or-revenue issue, but also touches on the untested ‘black-hole’ rules. The case highlights again the glaring omission of a regime for depreciating wasting intangible assets, and the difficult problems taxpayers can face trying to remedy that defect in our law.

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Authors

Cameron Blackwood

Director

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