Skylimit (AUS)

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.

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.