Ransley v Deputy Commissioner of Taxation [2018] FCA 1796

TAXATION – tax treatment of net profits realised from sale and exchange of shares – whether net profits assessable as ordinary income or on capital account – appeal to Court and application for review to Tribunal – concurrent hearing – applicant involved in business operation or commercial transaction – shares held and sold on revenue account – profits assessable as ordinary income – application for review and appeal to be dismissed TAXATION – administrative penalties – recklessness – whether taxpayer’s position reasonably arguable – safe harbour exemption inapplicable – penalty upheld

Full decision here