Features the latest status on the Australian Federal Court decision in Lilyvale Hotel Pty Ltd v Commissioner of Taxation [2008] FCA 103.
The decision was appealed by the hotel owner-taxpayer (Lilyvale) to the full Federal Court and the court in Lilyvale Hotel Pty Limited v. Commissioner of Taxation [2009] FCAFC 21 unanimously allowed Lilyvale's appeal from Justice Stone's earlier decision.
This alert further explores the appeal decision and what it means to potential sellers and buyers of hotels as well as 'agency' relationship issue.
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