Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Lawrence v Commissioner of Taxation [2009] FCAFC 29
INCOME TAX – Pt IVA of Income Tax Assessment Act 1936 (Cth) – s 177E – whether scheme to diminish value of assets of a company was a scheme having substantially the effect of a scheme by way of or in the nature of dividend stripping – whether scheme involved a 'distribution' of profits of the company – whether the application of s 177E had to give way to specific provisions of the legislation which might or might not have application. HELD – s 177E applied to the scheme. Income Tax Assessment Act 1936 (Cth) s 44(1), Div 7, ss 177B, 177D, 177E, 177F, Sch 2C Income Tax Assessment Act 1997 (Cth) Div 116 of Pt 3-1, Divs 723, 725, 727 of Pt3-95 Commissioner of Taxation (Cth) v Patcorp Investments Limited (1976) 140 CLR 247referred to Commissioner of Taxation v Black (1990) 25 FCR 274 referred to Commissioner of Taxation v Consolidated Press Holdings Ltd (2001) 207 CLR 235 considered Commissioner of Taxation v Consolidated Press Holdings Ltd (No. 1) (1999) 91 FCR 524 considered Davis Investments Pty Ltd v Commissioner of Stamp Duties (NSW) (1957) 100 CLR 392 applied Bishop v Finsbury Securities Ltd [1966] 3 All ER 105; (1966) 43 TC 591 referred to Project Blue Sky Inc & Ors v Australian Broadcasting Authority (1998) 194 CLR 355 referred to Explanatory Memorandum to the Income Tax Laws Amendment Bill (No. 2) 1981 JOHN PETER LAWRENCE v FEDERAL COMMISSIONER OF TAXATION
VID 882 of 2008
RYAN, STONE AND EDMONDS JJ
20 MARCH 2009
MELBOURNE
IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VID 882 of 2008
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA
BETWEEN: JOHN PETER LAWRENCE
Appellant
AND: FEDERAL COMMISSIONER OF TAXATION
Respondent
JUDGES: RYAN, STONE AND EDMONDS JJ
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