Walsh Bay Developments Pty Ltd v Commissioner of Taxation [1995] FCA 428

CATCHWORDS Income tax - trusts - whether income earned from bank deposit is income of a trust estate - whether beneficiary is presently entitled to income - whether beneficiary had vested and indefeasible interest in income Trusts - whether income earned from bank deposit is income of a trust estate - whether beneficiary is presently entitled to income - whether beneficiary had vested and indefeasible interest in income Income Act Assessment Act 1936 - ss. 95A, 97, 99A(2), 99A(4) Maritime Services Act 1935 (NSW) - ss. 22,23

Cases Considered: Glenn v Federal Commissioner of Land Tax (1915) 20 CLR 490 Kauter v Hilton (1953) 90 CLR 86 Commissioner of Stamp Duties (Q.) v Livingston (1964) 112 CLR 12 Federal Commissioner of Taxation v Totledge (1982) 40 ALR 385 Federal Commissioner of Taxation v. Harmer (1990) 24 FCR 237 Harmer v Federal Commissioner of Taxation (1991) 173 CLR 264 Re Australian Elizabethan Theatre Trust; Lord v Commonwealth Bank of Australia (1991) 30 FCR 491 Dwight v Commissioner of Taxation (1992) 37 FCR 178 Zobory v Commissioner of Taxation, Federal Court of Australia, Burchett J, unreported 1 May 1995 New Zealand Insurance Company Ltd v Commissioner of Probate Duties (1973) VR 659 Stephens Travel Service International Pty. Ltd. (Receivers and Managers Appointed) v Qantas Airways Ltd. (1988) 13 NSWLR 331 Walker v Corboy (1990) 19 NSWLR 382 Saunders v Vautier (1841) 2 Cr. and Ph. 240; 49 ER 282 Phipps v Ackers (1842) 9 Cl. & Fin 583; 8 ER 589 New Zealand and Australian Land Co v Watson (1881) 7 QBD 374 In re Selous; Thompson v Selous (1901) 1 Ch.921 Barclays Bank Ltd v Quistclose Investments Ltd (1970) AC 567 Burt v Claude Cousins & Co. Ltd. (1971) 2 QB 426 Tito v Waddell (No.2) (1977) Ch.106 WALSH BAY DEVELOPMENTS PTY. LTD. v COMMISSIONER OF TAXATION No. G725 of 1994 WALSH BAY DEVELOPMENTS PTY. LTD. and THE MARITIME SERVICES BOARD OF NEW SOUTH WALES v. COMMISSIONER OF TAXATION No. G726 of 1994