Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
National Mutual Life Association of Australia Ltd v Commissioner of Taxation [2009] FCAFC 96
INCOME TAX – Capital gains – reduced cost base – sale of shares – whether capital contribution to company part of reduced cost base of shares – contribution incurred for purpose of enhancing value of shares – whether contribution reflected in state or nature of shares at time of sale. Income Tax Assessment Act 1936 (Cth) s 160ZH(3)(c) Aberdeen Construction Group Ltd v Commissioner of Inland Revenue (1978) 52 TC 281 not followed Aberdeen Construction Group Ltd v Inland Revenue Commissioner [1978] AC 885 cited Archibald Howie Pty Ltd v Commissioner of Stamp Duties (NSW) (1948) 77 CLR 143 applied Pilmer v Duke Group Pty Ltd (2001) 207 CLR 165 cited Re Taxpayer and Federal Commissioner of Taxation (2004) 58 ATR 1172 distinguished Trustees of the FD Fenston Will Trusts v Commissioner for Revenue and Customs [2007] STC (SCD) 316 disapproved NATIONAL MUTUAL LIFE ASSOCIATION OF AUSTRALIA LIMITED v COMMISSIONER OF TAXATION
VID 1082 of 2008
finn, sundberg and PERRAM JJ
21 AUGUST 2009
MELBOURNE IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY
GENERAL DIVISION VID 1082 of 2008
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA
BETWEEN: NATIONAL MUTUAL LIFE ASSOCIATION OF AUSTRALIA LIMITED
Appellant
AND: COMMISSIONER OF TAXATION
Respondent
JUDGE: FINN, SUNDBERG and PERRAM JJ
DATE OF ORDER: 21 AUGUST 2009
WHERE MADE: MELBOURNE
THE COURT ORDERS THAT:
1. The appeal be allowed. 2. The orders of the primary judge be set aside. 3. The matter be remitted to the respondent for determination in accordance with the Court's reasons for decision. 4. The respondent pay the appellant's costs of the appeal. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using eSearch on the Court's website. IN THE FEDERAL COURT OF AUSTRALIA
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