Panai, S. v. Commissioner of Taxation [1988] FCA 147

MUDGMENT No.l +77 ee

ras SePeaaaas

FOR LIMITED CIRCULATION

CATCHWORDS INCOME TAX - deductibility of life assurance premiums - arrears of premiums debited against bonus accumulations on policies upon

bankruptcy of applicant - life assurance premiums as rebatable amounts for purpose of calculating taxpayer's concessional expenditure rebate

under s. 159 of the Income Tax Assessment Act - whether moneys debited

against bonus accumulations answer the description of moneys paid by

the taxpayer.

Income Tax Assessment Act, 1936: ss. S51, 159N, 159R

SAMUEL PANAI v. COMMISSIONER OF TAXATION

G637 of 1987

LOCKHART Jd.

8 FEBRUARY 1988

SYDNEY

ie

IN THE FEDERAL COURT OF AUSTRALIA )

)

NEW SOUTH WALES DISTRICT REGISTRY )

GENERAL DIVISION

) )

No. G637 of 1987

BETWEEN : SAMUEL PANAI Applicant D: COMMISSIONER OF TAXATION Respondent JUDGE MAKING ORDER: LOCKHART J. DATE OF ORDER: 8 FEBRUARY 1988 WHERE ORDER MADE: SYDNEY MINUTE OF ORDER THE COURT ORDERS THAT: 1. The appeal be dismissed; Zs There be no order as to the costs of any party to the appeal. NOTE: Settlement and entry of orders is dealt with in Order 36 of

the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA ) )

NEW SOUTH WALES DISTRICT REGISTRY ) No. G637 of 1987 )

GENERAL DIVISTON )

BETWEEN : SAMUEL PANAI Applicant AND: COMMISSIONER OF TAXATION Respondent COURT: LOCKHART J. DATE: 8 FEBRUARY 1988

REASONS FOR JUDGMENT

LOCKHART J. In this matter Samuel Panai has appealed against the

disallowance by the respondent, the Commissioner of Taxation, of moneys claimed to be payments of life assurance premiums and

deductible under the relevant provisions of the Income Tax Assessment Act 1936 ("the Act"). The year of income in which a deduction for the premiums was claimed is the year ended 30 June 1983. Some recitation

of the facts is needed to properly understand the basis of the claim