This paper covers:
- the creation and exercise of rights including:
- timing and attribution rules
- the impact of contingencies upon the characterisation of the transaction and the quantification of consideration
- the distinction between consideration for the creation of the right and the exercise of the right
- the potential for multiple taxation and the need for statutory relief or precise attribution of consideration.
- the termination or extinguishment of rights including:
- forfeiture of deposits: the High Court in Reliance Carpets and the Federal Court in Brooks
- performance of contracts and the High Court in Orica
- surrenders, releases and the operation of law.
- earnouts including:
- long-term leases, subdivision and issues arising from the interaction of the different taxes.