BTF1010 Study Guide - Final Guide: Security Interest, Taxicab, Systems Architecture
11 Sep 2018
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Partnerships: ferguson v federal commissioner of taxation (1979) 79 atc 4261 (pg 456) He was keen on leaving the navy and go into primary production. Therefore, he leased 5 cattle for breeding to 200 cattle for which he contracted a property owner to pasture his cattle. He made some losses which he claimed were deductible from income tax. The it commissioner did not allow this as losses were not incurred in carrying on the business. Decision: the court held that ferguson was carrying on a business. The operation had commercial flavor in it (profit intention). Also the activities were organised: goudberg v herniman associates pty ltd [2007] vsca 12 (pg 457) Facts: williams had an idea to covert hotel restaurants into a chain of franchised restaurants. Together they selected a number of possi(cid:271)le us f(cid:396)a(cid:374)(cid:272)hises to (cid:448)isit a(cid:374)d held dis(cid:272)ussio(cid:374)s (cid:449)ith apple(cid:271)ee(cid:859)s. the(cid:455) dis(cid:272)ussed the appropriate structure for the venture and possible financing.
