5 Nov 2004
CIR V GULF HARBOUR DEVELOPMENT LTD CA CA135/03
- Citation
- openlaw-5b8226b8_f7ac_4722_956d_cd1a7071c11b.pdf
- Court
- Court of Appeal
The Court held that the transactions were supplies of redeemable preference shares which are equity securities; membership rights were incidents of the shares arising from the company's constitution and not separate supplies. Applying Marac, characterization is by the legal rights created, so the supplies were financial services exempt from GST; appeal dismissed.