In Sharpcan, the High Court unanimously held that payments made by the trustee of the Daylesford Royal Hotel Trust to the Victorian State Government for 16 gaming machine entitlements were on capital account and not deductible under section 8-1 of the Income Tax Assessment Act 1997. The session considered the reasoning of the High Court and Thawley J (who, dissenting in the Full Federal Court, also held the payments were on capital account). The session also considered whether the High Court has established a new test to be used when considering questions of revenue or capital outgoings.
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