McIntosh, Charles v. The Commissioner of Taxation [1979] FCA 65

7, . r™

CATCHWORDS Income Tax - Assessable income - Retirement benefit - Election to commute part of pension to lump sum shortly after retirement - Whether an allowance gratuity or compensation - Whether paid in consequence

of retirement - Income Tax Assessment Act, s.26(d).

Charles McIntosh v. The Commissioner of Taxation

No. G15 of 1978

Coram : Brennan, Toohey & Lockhart JJ.

"

Date : 29 June 1979,

Canberra.

ta

Wan

me

IN THE FEDERAL COURT

OF AUSTRALIA

QUEENSLAND DISTRICT REGISTRY No. GL5 of 1978

GENERAL DIVISION

ON APPEAL FROM THE SUPREME COURT OF QUEENSLAND

BETWEEN : CHARLES McINTOSH Appellant AND : THE COMMISSIONER OF TAXATION . Respondent ORDER JUDGES MAKING ORDER : Brennan, Toohey & Lockhart JJ. DATE OF ORDER 3 29 June 1979, WHERE MADE : Canberra, THE COURT ORDERS THAT: : 1. The appeal be dismissed. 2. The appellant pay to the respondent his costs of

the appeal to be taxed.

IN THE FEDERAL COURT

OF AUSTRALIA

QUEENSLAND DISTRICT REGISTRY No, G15 of 1978

GENERAL DIVISION

eee ee

ON APPEAL FROM THE SUPREME COURT OF QUEENSLAND

BETWEEN : CHARLES MCINTOSH

Appellant

AND

THE COMMISSIONER OF TAXATION Respondent

CORAM : BRENNAN, TOOHEY & LOCKHART JJ.

the 29th day of June 1979

BRENNAN J.

The National Bank of Australasia Limited established an Officers' Provident Fund out of which benefits are paid to officers of the Bank on their retirement from its service. The control and management of the Fund is vested in administrators, under the Rules which govern the administration of the Fund. The appellant taxpayer had been an officer of the Bank and a contributor

to the Fund until his retirement on 24 March 1976.

oe f2

He then became entitled to a pension which, in his case, was payable at the rate of $5,511.72 per annum from

25 March 1976. He elected to commute half of this pension

for a lump sum payment, as he was entitled to do by virtue