Hance v Commissioner of Taxation [2008] FCAFC 196

FEDERAL COURT OF AUSTRALIA

Hance v Commissioner of Taxation [2008] FCAFC 196

TAXATION – managed investment schemes – income received or outgoings incurred in connection with such schemes – taxpayer carries on an individual business – any relevant outgoings are incurred as operating expenses in carrying on the business – deductible pursuant to s 8-1 Income Tax Assessment Act 1997 (Cth)

Corporations Act 2001 (Cth) ss 9, 601FA, 601FB, 601FC Taxation Administration Act 1953 (Cth) s 14ZZ Income Tax Assessment Act 1936 (Cth) Income Tax Assessment Act 1997 (Cth) ss 6-5, 8-1 Sun Newspapers Ltd and Associated Newspapers Ltd v The Federal Commissioner of Taxation (1938) 61 CLR 337 considered Clowes v Federal Commissioner of Taxation (1954) 91 CLR 209 discussed Vincent v Commissioner of Taxation (2002) 124 FCR 350 discussed Commissioner of Taxation v Emmakell Pty Ltd (1990) 22 FCR 157 cited Ferguson v Federal Commissioner of Taxation (1979) 37 FLR 310 considered Puzey v Commissioner of Taxation (2003) 131 FCR 244 considered Milne v Federal Commissioner of Taxation (1976) 133 CLR 526 cited Vincent v Federal Commissioner of Taxation (2002) 50 ATR 20 discussed Commissioner of Taxation v Raymor (NSW) Pty Ltd (1990) 24 FCR 90 discussed Hallstroms Pty Ltd v Commissioner of Taxation (Cth) (1946) 72 CLR 634 cited Federal Commissioner of Taxation v Walker (1984) 2 FCR 283 cited Southern Wine Corporation Pty Ltd (In liq) v Frankland River Olive Co Ltd (2005) 31 WAR 162 cited Re Global Finance Group Pty Ltd (In liq); ex parte Read (2002) 26 WAR 385 considered Mier v FN Management Pty Ltd [2006] 1 QdR 339 cited Secretan v Hart [1969] 1 WLR 1599 considered Gideons International Service Mark (1991) 108 RPC 141 considered Brown L, Shorter Oxford English Dictionary (4th ed, Oxford University Press, 1993) ROBERT HANCE v COMMISSIONER OF TAXATION