Federal Court of Australia
JUDGMENT No. seoadect Seal otto
CATCHWORDS Income Tax - strike out application - whether reasonable cause of action disclosed - foreign currency loans - whether covenants or stipulations in loan agreements collateral to mortgages rendered void by statute - whether covenants or stipulations had the purpose or effect of imposing on the borrower the obligation of paying income tax on interest to be paid under loan agreements contrary to s.261 of the Income Tax
Assessment Act.
Income Tax Assessment Act 1936, ss.6, 128A, 128B, 261
Davids Securities Pty Ltd & Others v Commonwealth Bank of Australia (1992) 175 CLR 353
International Currency Trading Corporation Pty Ltd & Others v Deutsche Bank A.G. (Davies J, judgment 20 July 1994)
Matter No. SG 22 of 1994
NAIAMA PASTORAL CO. PTY LTD v ELDERS FINANCE AND INVESTMENT CO. LIMITED
VON DOUSSA J ADELAIDE
14 OCTOBER 1994
IN THE FEDERAL COURT OF AUSTRALIA ) ) SOUTH AUSTRALIAN DISTRICT REGISTRY ) ) )
GENERAL DIVISION No. SG22 of 1994
BETWEEN: NAIAMA PASTORAL COQ. PTY LIMITED
Applicant AND:
ELDERS FINANCE AND INVESTMENT CO. LIMITED
Respondent MINUTES OF ORDER JUDGE MAKING ORDER 3 VON DOUSSA J. WHERE MADE 3 ADELAIDE DATE OF ORDER 3 14 OCTOBER 1994 THE COURT ORDERS THAT: 1. The amended statement of claim be struck out. 2. The applicant be at liberty to file and serve a further
amended statement of claim within 28 days. 3. The applicant pay the respondent's costs of paragraph 1
of the notice of motion filed on 27 May 1994.
Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
IN THE FEDERAL COURT OF AUSTRALIA
No. SG22 of 1994
) ) SOUTH AUSTRALIAN DISTRICT REGISTRY ) ) GENERAL DIVISION )
BETWEEN: NAIAMA PASTORAL CO. PTY LIMITED
Applicant AND:
ELDERS FINANCE AND INVESTMENT CO. LIMITED
Respondent REASONS FOR JUDGMENT
Coram: von Doussa J. Place: Adelaide Date : 14 October 1994
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