State Tax Developments
Land rich provisions: Northern Territory
23.12.2008
The Northern Territory Court of Appeal, in allowing an appeal by the Commissioner of Northern Territory Revenue, has held that options held by the taxpayer to renew mineral leases in the Northern Territory were to be included in the value of the land held by the taxpayer for the purposes of applying the Northern Territory land rich provisions (C of TR v Alcan (NT) Alumina Pty Ltd [2008] NTCA 14).
However, by majority, the Court allowed a cross-contention by the taxpayer that, in applying the land rich ratio, the assets of the taxpayer included goodwill.
