Dismin Investments Pty Ltd v Commissioner of Taxation [2000] FCA 1703

FEDERAL COURT OF AUSTRALIA

Dismin Investments Pty Ltd v Commissioner of Taxation [2000] FCA 1703

INCOME TAX – controlled foreign company – disposal of ten per cent interest in partnership between Canadian brewers – whether subject to capital gains tax – whether ascertainment of profit is governed by Pt IIIA of Income Tax Assessment Act 1936 (Cth) or by ordinary concepts – valuation of interest – whether discount for lack of marketability and control appropriate Income Tax Assessment Act 1936 (Cth) ss 160K(5), 160M(1), 160Z(1)(a), 160ZH(13), 160ZO(1)(a), 382, 383, 385(2)(a)(i), 389, 391, 406, 410, 411(1), 412(2)(a)(i)(A), 412(2)(a)(i)(A), 456 Income Tax Regulations regs 152B(1), 152D(1)

Boland v Yates Property Corporation Pty Ltd (1999) 167 ALR 575 at par 12 mentioned DISMIN INVESTMENTS PTY LTD v FEDERAL COMMISSIONER OF TAXATION NO. VG 619 OF 1998 DISMIN INVESTMENTS PTY LTD v FEDERAL COMMISSIONER OF TAXATION NO. VG 620 OF 1998 HEEREY J 24 NOVEMBER 2000 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY VG 619 OF 1998

VG 620 OF 1998

BETWEEN: DISMIN INVESTMENTS PTY LTD

APPLICANT

AND: FEDERAL COMMISSIONER OF TAXATION

RESPONDENT

JUDGE: HEEREY J

DATE OF ORDER: 24 NOVEMBER 2000

WHERE MADE: MELBOURNE

THE COURT ORDERS THAT: 1. The application is adjourned sine die with leave reserved for counsel to bring in minutes of proposed orders. 2. Costs are reserved. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY VG 619 OF 1998

VG 620 OF 1998

BETWEEN: DISMIN INVESTMENTS PTY LTD

APPLICANT

AND: FEDERAL COMMISSIONER OF TAXATION