Michael is a Barrister at Owen Dixon Chambers West, specialising in taxation, and was National President of The Tax Institute in 2014. He is the author, with James Kessler, QC, of Drafting Trusts and Will Trusts in Australia (2nd edition, 2017). Michael has appeared in the Administrative Appeals Tribunal, the Federal Court and the High Court in taxation cases. Michael has been a member of various committees of The Tax Institute for over 20 years.
Two recent decisions in Victoria (Ararat) and NSW (Pacific Hydro) reached different conclusions on whether wind farm assets are “fixtures” under common law. This may affect whether foreign investors in Australian wind farm assets will attract capital gains tax on exit, and on whether an MIT holding wind farm assets is considered to be engaged in passive income activities.
This session will consider these issues and what lessons can be learnt outside of the wind farm assets context, including potential stamp duty implications, and special provisions in many jurisdictions specifically dealing with stamp duty on items fixed to land, even if those items do not constitute fixtures.