Bamford v Commissioner of Taxation [2009] FCAFC 66

FEDERAL COURT OF AUSTRALIA

Bamford v Commissioner of Taxation [2009] FCAFC 66

TAXATION – Income Tax Assessment Act 1936 (Cth) s 97(1) – "that share of the net income of a trust estate" –meaning of "share"– whether "share" can, in certain circumstances, refer to an amount rather than a proportion – disparity between net income and distributable income TAXATION – Income Tax Assessment Act 1936 (Cth) s 97(1) – "income of a trust estate" –meaning of "income of trust estate" – whether capital receipts deemed income by trust deed are income for the purposes of income tax assessment – whether present entitlement to income Administrative Appeals Tribunal Act 1975 (Cth) s 44 Income Tax Assessment Act 1936 (Cth) ss 95, 97(1), 98, 99, 99A, 101 Income Tax Assessment Act 1997 (Cth) s 115-215(2)

Cajkusic v Commissioner of Taxation (2006) 155 FCR 430 discussed Commissioner of Taxation v Australian and New Zealand Savings Bank Ltd (1998) 194 CLR 328 considered Commissioner of Taxation v Montgomery (1999) 198 CLR 639 applied Federal Commissioner of Taxation v Commercial Nominees of Australia Limited (1999) 167 ALR 147 approved Federal Commissioner of Taxation v Harmer (1990) 24 FCR 237 approved Richardson v Federal Commissioner of Taxation (2001) 187 ALR 680 applied Scott v Commissioner of Taxation (1935) 35 SR (NSW) 215 cited Tindal v Federal Commissioner of Taxation (1946) 72 CLR 608 approved Zeta Force Pty Ltd v Commissioner of Taxation (1998) 84 FCR 70 applied PHILLIP BAMFORD & ORS v COMMISSIONER OF TAXATION

NSD 700 of 2008

EMMETT, STONE & PERRAM JJ

3 JUNE 2009

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 700 of 2008

ON APPEAL FROM THE ADMINISTRATIVE APPEALS TRIBUNAL

BETWEEN: PHILLIP BAMFORD

First Applicant

DAVINA BAMFORD

Second Applicant