Stamoulis, Spiros v Deputy Commissioner of Taxation of the Commonwealth of Australia & Stamoulis, Harry v Deputy Commissioner of Taxation of the Commonwealth of Australia & Stamoulis, Helen v Deputy Commissioner of Taxation of the Commonwealth of Australia & Stamoulis, Melina v Deputy Commissioner of Taxation of the Commonwealth of Australia [1997] FCA 1133

FEDERAL COURT OF AUSTRALIA INCOME TAX - Assessable income - Foreign exchange loans - facility agreement made before 19 February 1986 - interest adjustable at end of six-monthly or other specified "interest periods" - whether "eligible contract" - whether loan wholly or partly "rolled over" at end of each interest period - effect of bank's advice that "loan matures" at end of interest period and "rollover" to be arranged - whether roll-over requires expiration of term of loan or extension or other variation at election of borrower - whether foreign exchange losses deductible under s 82Z(1) - borrowed funds applied in purchase of a business including stock and debtors - business disposed of before foreign exchange loss realized - whether foreign exchange loss deductible under s 51(1) - whether occasion for loss to be found in the carrying on of the business - whether loss on capital or revenue account Income Tax Assessment Act 1936 (Cth), ss 51, 82U, 82V, 82W, 82Z WORDS AND PHRASES - "wholly or partly rolled over" - "roll-over" "extended" Income Tax Assessment Act 1936 (Cth), s 82W(1) Commissioner of Taxation v Energy Resources of Australia Ltd (1994) 54 FCR 25 applied K D Morris & Sons Pty Ltd v Bank of Queensland Ltd (1980) 146 CLR 165 applied AVCO Financial Services Ltd v Federal Commissioner of Taxation [1979] ATC 4,560 referred to Lombard Australia Limited v Federal Commissioner of Taxation [1980] ATC 4,151 referred to Pacific Management Pty Placer Limited v Federal Commissioner of Taxation [1995] ATC 4,459 referred to Commissioner of Taxation v Riverside Road Lodge Pty Ltd (In liquidation) (1990) 23 FCR 305 referred to Steele v Federal Commissioner of Taxation [1997] ATC 4,239 referred to AVCO Financial Services Ltd v Federal Commissioner of Taxation (1982) 150 CLR 510 distinguished Thiess Toyota Pty Ltd v Federal Commissioner of Taxation [1978] ATC 4,463 distinguished Federal Commissioner of Taxation v Cadbury-Fry Pascall (Australia) Pty Ltd [1979] ATC 4,346 distinguished Commercial and General Acceptance Ltd v Federal Commissioner of Taxation (1976) 137 CLR 373 applied SPIROS STAMOULIS v DEPUTY COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA VG 476 of 1994 HARRY STAMOULIS v DEPUTY COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA VG 100 of 1995 HELEN STAMOULIS v DEPUTY COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA VG 101 of 1995 MELINA STAMOULIS v DEPUTY COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA VG 102 of 1995 RYAN J MELBOURNE 29 OCTOBER 1995