The Full Federal Court also dismissed the Tax Commissioner's appeal. Tom Van RiperAt 84, Lorraine Gordon keeps the Village Vanguard humming. Payments or other benefits you obtain from a private company in which you are a shareholder may be treated as if they were a taxable dividend paid to you. The Commissioner appealed to the High Court, which allowed the appeal by a 4-1 majority. Making sure that you employ adequate tax planning measures can significantly reduce the amount of capital gains tax you are likely to pay on your stock market profits. This meant that St George Custodial, holding the sell-back rights as trustee, was obliged to sell those rights to merchant bank Credit Suisse First Boston. Kindly advise since I am currently paying huge tax continuing in the same accommodation, compared to staying in rented accommodation.

But before the education cess is applied you may have to pay a surcharge of 10 per cent on your tax liability on your total income, including capital gains in case such total income is in excess of Rs 10 lakh. The High Court held that the majority of the Full Court erred in applying principles relating to the derivation of income.