McCarthy and Commissioner of Taxation (Taxation) [2021] AATA 1511

TAXATION –income tax assessment objection – whether subdivision of the Property amounted to carrying out a business operation or commercial transaction – whether profits from the sale of subdivided lots are assessable as ordinary income under s 6-5 of ITAA-1997 – Myer Emporium principles applied – Applicant’s intention at time of purchase – property acquired in a business operation or commercial transaction – profits assessable as ordinary income under s 6-5 of ITAA – reviewable decision affirmed.

Full decision here