Federal Court of Australia
CATCHWORDS
INCOME TAX ~ Withholding tax - interest on loan from overseas - certificate of exemption refused - whether use by borrower or by end user must be qualifying use - divisibility of loan into several disbursements - whether "receipt by borrower" includes receipt on borrower's behalf - whether application of moneys to discharge loan to buy rental-producing realty qualifies.
WORDS AND PHRASES - "undertaking" "receipt ... by a borrower"
Income Tax Assessment Act 1936 ss.128A, 128G, 128H
Taxation Boards of Review (Transfer of Jurisdiction) Act 1986, ss.223, 224
Lilydale Pastoral Co. Pty. Ltd. v. Commissioner of Taxation Qld G154 of 1986
PINCUS J. BRISBANE 26 MARCH 1987
IN THE FEDERAL COURT OF AUSTRALIA )
QUEENSLAND DISTRICT REGISTRY ) QLD G154 of 1986 GENERAL DIVISTON )
BETWEEN: LILYDALE PASTORAL CO. PTY. LTD.
Applicant AND: COMMISSIONER OF TAXATION Respondent MINUTES OF ORDER JUDGE MAKING ORDER: PINCUS J. DATE OF ORDER: 26 MARCH 1987 WHERE MADE: BRISBANE
THE COURT ORDERS THAT:
i. The appeal be allowed;
2. The respondent pay the applicant's costs of and incidental to the appeal, limited to one day of hearing;
3. The matter be remitted to the respondent with a direction to issue to the applicant a certificate complying with s.128H(2) of the Income Tax Assessment Act 1936 in respect of each of the two payments (of $432,195.30 and $1,244,346.26 respectively) referred to in the reasons for judgment.
Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
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IN THE FEDERAL COURT OF AUSTRALIA ) QUEENSLAND DISTRICT REGISTRY ) QLD G154 of 1986 GENERAL DIVISION )
BETWEEN: LILYDALE PASTORAL CO. PTY. LTD.
Applicant AND: COMMISSIONER OF TAXATION
Respondent
PINCUS J. 26 MARCH 1987
REASONS FOR JUDGMENT
This is an appeal from the Administrative Appeals Tribunal in a taxation matter. The case was heard by a Board of Review, on reference from the respondent, in April 1986, but decided on 29 September 1986, andis therefore caught by the
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