Thomas v Commissioner of Taxation [2017] FCAFC 57

FEDERAL COURT OF AUSTRALIA

Thomas v Commissioner of Taxation [2017] FCAFC 57 Appeal from: Thomas v Commissioner of Taxation [2015] FCA 968 Thomas v Commissioner of Taxation [2015] FCA 1339

File numbers: QUD 72 of 2016 QUD 78 of 2016 QUD 79 of 2016 QUD 80 of 2016

Judges: DOWSETT, PERRAM AND PAGONE JJ

Date of judgment: 12 April 2017

Catchwords: TAXATION – franking credits – consideration of the construction and operation of Division 207 ('Effect of receiving a franked distribution") of Part 3-6 ('The Imputation System') of the Income Tax Assessment Act 1997 (Cth) – whether trust resolutions effective to achieve franking credit distributions to beneficiaries of trust – share of franking credit distributions notionally allocated to beneficiaries of trust

Legislation: Income Tax Assessment Act 1936 (Cth) Division 6, ss 97(1)(a), 98A(1)(a), 99A, 100(1)(a) Income Tax Assessment Act 1997 (Cth) Part 3-6, Division 207, Subdivision 207-B, ss 207-25, 207-50(3), 207-50(3)(a), 207-50(3)(b), 207-50(3)(b)(i), 207-50(3)(b)(ii), 207-50(3)(c), 207-55, 207-55(1), 207-55(2), 207-55(3) Taxation Administrative Act 1953 (Cth) Part IVC Trusts Act 1973 (Qld) s 96

Cases cited: Cameron v Cole [1944] HCA 5; (1944) 68 CLR 571 Executor Trustee and Agency Co of South Australia v Deputy Federal Commissioner of Taxes (South Australia) [1939] HCA 35; (1939) 62 CLR 545 Macedonian Orthodox Community Church St Petka Inc v His Eminence Peter the Diocesan Bishop of Macedonian Orthodox Diocese of Australia and New Zealand [2008] HCA 42; (2008) 237 CLR 66 State of New South Wales v Kable [2013] HCA 26; (2013) 252 CLR 118 Thomas Nominees Pty Ltd v Thomas [2010] QSC 417; (2010) 80 ATR 828