Memorex Pty Ltd v The Commissioner of Taxation for the Commonwealth of Australia [1987] FCA 665

SUDGMENT No. 65/8. _

CATCHWORDS

APPEAL FROM THE ADMINISTRATIVE APPEALS TRIBUNAL - Income Taxation - goods which had previously been leased sold at a price greater than the cost price - whether ss.54-62 provide a code in relation to goods which may be depreciable - whether profit on sale was income or capital gain - whether goods must be acquired with intention of resale at a profit before

profit can be income.

Income Tax Assessment Act 1936 (Cth) ss.25(1), 28-36, 51, 54-62.

MEMOREX PTY LTD v. THE COMMISSIONER OF TAXATION FOR THE COMMONWEALTH OF AUSTRALIA NSW G224 of 1987

Davies, Pincus and BFinfeld JJ.

2 December 1987 Sydney

-2 DEC 1987

L GOURT OF FEDER USTRALIA

PRINCIPAL REGISTRY

wep eee mem og a

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY No. G224 of 1987

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GENBRAL DIVISION

On appeal from the Taxation Appeals Division of the Administrative Appeals

Tribunal BETWEEN: MEMOREX PTY LTD Applicant AND: THE COMMISSIONER OF TAXATION FOR THE COMMONWEALTH OF AUSTRALIA Respondent CORAM: Davies, Pincus and Einfeld Ju. DATE: 2 December 1987 PLACE: Sydney

REASONS FOR JUDGMENT

Davies and Einfeld JJ.: This is an appeal from a decision of

the Administrative Appeals Tribunal which affirmed a decision of the Commissioner of Taxation rejecting the objections to

assessment lodged on behalf of the applicant, Memorex Pty Ltd.

The years of income involved are the years of income

ended 30 June 1977, 1978, 1979, and 1983 for which the

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IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY No. G224 of 1987 i

www ww

GENERAL DIVISION

On appeal from the Taxation Appeals Division of the Administrative Appeals

}- Tribunal i a BETWEEN: MEMOREX PTY LTD .

Applicant b ', AND: THE COMMISSIONER OF m

TAXATION FOR THE a

' COMMONWEALTH OF AUSTRALIA Respondent CORAM: Davies, Pincus and Einfeld JJ.