Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Commissioner of Taxation v Malouf [2009] FCAFC 44 INCOME TAX - Deductions – Agreement to develop and sell land – Deposit paid on entering agreement – Residual purchase price payable at settlement some time in future – Whether or not obligation to pay residue at settlement was an outgoing incurred on entering the agreement and in income tax year when agreement made – Outgoing not incurred until settlement Income Tax Assessment Act 1997 (Cth), s 8-1 Income Tax Assessment Act 1936 (Cth), s 51(1) Automatic Fire Sprinklers Pty Ltd v Watson (1946) 72 CLR 435 cited City Link Melbourne Ltd v Commissioner of Taxation (2004) 141 FCR 69 cited Coles Myer Finance Ltd v Federal Commissioner of Taxation (1993) 176 CLR 640 cited Commissioner of Taxation v Raymor (NSW) Pty Limited (1990) 24 FCR 90 distinguished Commissioner of Taxation v Woolcombers (WA) Pty Limited (1993) 47 FCR 561 distinguished Emu Bay Railway Co v Commissioner of Taxation (1944) 71 CLR 596 cited Federal Commissioner of Taxation v Citylink Melbourne Ltd (2006) 228 CLR 1 cited Gasparin v Commissioners of Taxation (1994) 50 FCR 73 cited Layala Enterprises Pty Ltd (In Liq) v Commissioner of Taxation (1998) 86 FCR 348 cited McDonald v Dennys Lascelles Ltd (1933) 48 CLR 457 cited Nilsen Development Laboratories Pty Ltd v Commissioner of Taxation (Cth) (1981) 144 CLR 616 cited Ogilvy & Mather Pty Ltd v Commissioner of Taxation (1990) 21 ATR 841 cited Sunbird Plaza Pty Limited v Maloney (1988) 166 CLR 245 cited Woolcombers (WA) Pty Ltd v Commissioner of Taxation (1993) 25 ATR 487 cited COMMISSIONER OF TAXATION v ANTHONY MARK MALOUF
NSD 674 of 2008 NSD 675 of 2008
SUNDBERG, JESSUP AND MIDDLETON JJ
2 APRIL 2009
Melbourne (Heard in SYDNEY)
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NSD 675 of 2008
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