Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Hart v Commissioner of Taxation [2019] FCAFC 179 Appeal from: Paule v Commissioner of Taxation [2019] FCA 394
File numbers: VID 345 of 2019 VID 346 of 2019 VID 347 of 2019 VID 348 of 2019 VID 350 of 2019
Judges: KENNY, KERR AND MOSHINSKY JJ
Date of judgment: 18 October 2019
Catchwords: TAXATION – capital gains – discount capital gains – where trustees of various trusts sold shares and made capital gains – where various roll-overs had occurred prior to the sale of the shares – whether the appellants were entitled to a "discount capital gain" under Subdiv 115-A of the Income Tax Assessment Act 1997 (Cth) in relation to the disposal of the shares by the trustees of the trusts – whether the relevant provisions operated such that the trustees were taken or deemed to have held the relevant assets for a period of at least 12 months
Legislation: Acts Interpretation Act 1901 (Cth), s 15AA Income Tax Assessment Act 1997 (Cth), ss 102-5, 102-23, 103-25, 104-10, 109-5, 112-115, 112-150, 115-5, 115-10, 115-15, 115-20, 115-25, 115-30, 115-32, 115-34, 115-40, 115-45, 122-15, 124-780, 124-785, 124-865, 124-870, 124-875, 950-100, 995-1 New Business Tax System (Integrity and Other Measures) Act 1999 (Cth), Sch 9 Taxation Administration Act 1953 (Cth), Pt IVC Tax Laws Amendment (2010 Measures No. 1) Act 2010 (Cth), Sch 6
Cases cited: Certain Lloyd's Underwriters v Cross (2012) 248 CLR 378 Cooper Brookes (Wollongong) Pty Ltd v Federal Commissioner of Taxation (1981) 147 CLR 297 Federal Commissioner of Taxation v Consolidated Media Holdings Ltd (2012) 250 CLR 503 Federal Commissioner of Taxation v Unit Trend Services Pty Ltd (2013) 250 CLR 523 Financial Synergy Holdings Pty Ltd v Federal Commissioner of Taxation (2016) 243 FCR 250 HFM043 v Republic of Nauru (2018) 359 ALR 176 Inco Europe Ltd v First Choice Distribution [2000] 1 WLR 586 SZTAL v Minister for Immigration and Border Protection (2017) 262 CLR 362 Taylor v The Owners – Strata Plan 11564 (2014) 253 CLR 531 Wentworth Securities Ltd v Jones [1980] AC 74
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