Benjamin Teng authored this article published in the Australian Tax Review concerning the Federal Court’s decision in Greig v Commissioner of Taxation to classify a loss made after a senior executive of a company bought shares with the intention of selling them for a profit as a ‘business operation or commercial transaction’. This article outlines the decision in Greig and examines the guidance it offers on the operation of the first limb of Myer Emporium, that is, the High Court’s holding in Federal Commissioner of Taxation v Myer Emporium Ltd that a profit or gain made outside the ordinary course of carrying on a business may constitute assessable income.
The article can be read by clicking here
