Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
TAXATION - Capital Gains - whether asset was disposed of under a contract - effect of assignment of buyer's rights and obligations - when the contract was made - effect of variation in the contract - effect of change in purchaser - effect of assignee not existing at the time of the making of the original contract - execution of the contract without authority - whether doctrine of ratification is to be applied to determine the date of the making of the contract - effect of conditions precedent CONTRACTS - whether asset was disposed of under a contract - effect of assignment on buyer's rights and obligations - when the contract was made - effect of variation in the contract - effect of change in purchaser - effect of ultimate purchaser not existing prior to the making of the original contract
WORDS AND PHRASES - "under a contract" - "time of the making of the contract"
Income Tax Assessment Act 1936 (Cth) ss 160A, 160M(1), 160U(1)-(4), 160Z, 160ZO(1)
Elmslie v Federal Commissioner of Taxation (1993) 46 FCR 576
Minister for Immigration & Ethnic Affairs v Guo (1997) 144 ALR 567
Dan v Barclays Australia Ltd (1983) 46 ALR 437
Morris v Baron & Co [1918] AC 1
Tallerman & Co Pty Ltd v Nathan's Merchandise (Vic) Pty Ltd (1957) 98 CLR 93
Bolton Partners v Lambert (1889) 41 Ch D 295
Keighley, Maxsted & Co v Durant [1901] AC 240
Davison v Vickery Motors Ltd (in liquidation) (1925) 37 CLR 1
Perri v Coolangatta Investments Pty Ltd (1982) 149 CLR 537
KIWI BRANDS PTY LTD v COMMISSIONER OF TAXATION (CTH)
VG 118 of 1995 and
VG 186 of 1995
BEFORE: NORTH J
PLACE: MELBOURNE
DATE: 12 SEPTEMBER 1997
IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VG 118 of 1995 GENERAL DIVISION
BETWEEN: KIWI BRANDS PTY LTD (ACN 006 973 995)
Appellant
AND: THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA
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