Woolcombers (WA) Pty Ltd v The Commissioner of Taxation [1995] FCA 436

CATCHWORDS INCOME TAX - ascertainment of assessable income - amendment of assessments - general rule that no amendment increasing liability of the taxpayer possible after three years where full and true disclosure made - special provision where transfer of deduction for loss between "group companies" - meaning of "loss .... not deemed to have been incurred by the loss company" - whether special provision to be strictly construed. Income Tax Assessment Act 1936 (Cth) ss 48, 51, 80(1), 80(2), 80G(6), 80G(10), 80G(15), 170(1), 170(3) Taxation Administration Act 1953 (Cth) s 14ZQ Minister for Immigration and Ethnic Affairs v TEO unreported decision of the Full Federal Court, 13 April 1995 No. SG 53 of 1994 WOOLCOMBERS (WA) PTY LTD v THE COMMISSIONER OF TAXATION Branson J. Adelaide 28 June 1995

IN THE FEDERAL COURT OF AUSTRALIA) ) SOUTH AUSTRALIA DISTRICT REGISTRY) No. SG 53 of 1994 ) GENERAL DIVISION ) BETWEEN: WOOLCOMBERS (WA) PTY LTD Applicant - and - THE COMMISSIONER OF TAXATION Respondent MINUTES OF ORDER CORAM: Branson J. PLACE: Adelaide DATE: 28 June 1995 THE COURT ORDERS THAT: 1. The application be dismissed. 2. The applicant pay the respondent's costs of the application. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA) ) SOUTH AUSTRALIA DISTRICT REGISTRY) No. SG 53 of 1994 ) GENERAL DIVISION ) BETWEEN: WOOLCOMBERS (WA) PTY LTD Applicant - and - THE COMMISSIONER OF TAXATION Respondent REASONS FOR JUDGMENT CORAM: Branson J. PLACE: Adelaide DATE: 28 June 1995 BACKGROUND In this case the applicant appeals to the Court against an appealable objection decision (see Taxation Administration Act 1953 s14ZQ), namely a decision of the respondent notified to the applicant by letter dated 6 May 1994. By this decision the respondent disallowed the applicant's objection against a notice of amended assessment issued on 15 October 1993 with respect to the year of income which ended on 30 June 1986 ("the 1986 year"). The original Notice of Assessment with respect to that year of income is dated 19 February 1987. The applicant's objection was against a disallowance of a loss purportedly transferred to the applicant pursuant to s80G(6) of the Income Tax Assessment Act 1936 ("the Act").