Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Metlife Insurance Ltd v Commissioner of Taxation [2008] FCAFC 167
TAXATION – amendment of assessments – where backdating provision provides that time of CGT event is time of entering into contract rather than actual disposal of CGT asset – where further provision allows amendment of assessment "at any time" where amendment is "for the purpose of giving effect to" backdating provision – where original assessment by Commissioner occurred after actual disposal of CGT asset and included a calculation of CGT payable – where Commissioner sought to issue amended assessment increasing the taxpayer's assessable income by including capital gain attributable to disposal of certain rights resulting from disposal of CGT asset – where amended assessment issued more than four years after time at which tax under original assessment became due and payable - whether amended assessment was "for the purpose of giving effect to" CGT backdating provision WORDS AND PHRASES – "for the purpose of giving effect to"
Income Tax Assessment Act 1936 (Cth) s 166A(3), s 170, s 170(10AA) Income Tax Assessment Act 1997 (Cth) s 104-10(1), s 104-10(3)
Metlife Insurance Ltd v Commissioner of Taxation [2008] FCA 568 reversed METLIFE INSURANCE LIMITED (ACN 004 274 882) v COMMISSIONER OF TAXATION
NSD 730 of 2008
SPENDER ACJ, JESSUP AND MIDDLETON JJ
3 OCTOBER 2008
MELBOURNE (HEARD IN SYDNEY)
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NSD 730 of 2008
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA
BETWEEN: METLIFE INSURANCE LIMITED (ACN 004 274 882)
Appellant
AND: COMMISSIONER OF TAXATION
Respondent
JUDGES: SPENDER ACJ, JESSUP AND MIDDLETON JJ DATE OF ORDER: 3 OCTOBER 2008
WHERE MADE: MELBOURNE (HEARD IN SYDNEY)
THE COURT ORDERS THAT:
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