Made Of Gold (USA)

The Australian breeding industry was in the spotlight at Flemington yesterday as Half Yours — bred by Janice and the late Colin McKenna — stormed to victory in the 165th running of the $10 million Group 1 Lexus Melbourne Cup (3200 m) under a superbly judged ride from Jamie Melham.

Back in May of this year I was very pleased to share details of a tax case that held that a farmer need not pay Capital Gains Tax (CGT) on the subdivision and sale of his 10-acre holding. CGT was avoided as it only applies to capital assets acquired on or after 19 September 1985.