Federal Court of Australia
CATCHWORDS INCOME TAX - assessable income - tax accounting - trading stock ~ depreciated plant - business of hiring equipment -
payments to owner in respect of damaged or lost equipment - whether payments assessable income as arising from sale of trading stock - whether income according to ordinary usage - whether special accounting treatment gave a substantially correct reflex of taxpayer's true income - whether other
methods appropriate.
Income Tax Assessment Act 1936, ss.25, 54 et seq., 59.
THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA v. CYCLONE SCAFFOLDING PTY. LIMITED
No. G144 of 1987
YG
14 DEC 1987 : "5
Bowen C.J., Beaumont and Wilcox JJ. Tre Sydney
11 December 1987
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IN THE FEDERAL COURT OF AUSTRALIA ) )
NEW SOUTH WALES DISTRICT REGISTRY ) No. G144 of 1987 )
GENERAL DIVISION )
ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES
BETWEEN: THE COMMISSIONER OF TAXATION OF THE
COMMONWEALTH OF AUSTRALIA
Appellant
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CYCLONE SCAFFOLDING PTY. LIMITED
Respondent
COURT : Bowen C.J., Beaumont and Wilcox JJ. DATE : 11 December 1987 PLACE : Sydney
MINUTES OF ORDER
THE COURT ORDERS:
Appeal dismissed with costs.
Note: 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
NEW SOUTH WALES DISTRICT REGISTRY ) No. G144 of 1987 ) )
GENERAL DIVISION
ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES
BETWEEN: THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA Appellant AND: CYCLONE SCAFFOLDING PTY. LIMITED Respondent
CORAM: Bowen C.J., Beaumont and Wilcox JJ.
DATED: 11 December 1987
REASONS FOR JUDGMENT
BOWEN C.J. AND BEAUMONT J.: Cyclone Scaffolding Pty. Limited ("the taxpayer") appealed to the Supreme Court of New South Wales against its assessment of income for the year ended 30 June 1981 ("the assessment"). Hunt J. allowed the appeal and set aside the assessment (see (1987) 18 A.T.R. 148); the Commissioner now appeals from these orders. The question in the appeal is whether the accounting procedures adopted by the
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