Victoria Co Ltd v Deputy Commissioner of Taxation [2001] FCA 641

FEDERAL COURT OF AUSTRALIA

Victoria Co Ltd v Deputy Commissioner of Taxation [2001] FCA 641 INCOME TAX – public binding ruling erroneously stated that a taxpayer could realise a foreign exchange gain or loss arising from a liability in a foreign currency without outlaying Australian dollars or converting the amount received to Australian dollars – whether appellant entitled to rely upon ruling where the liability in the foreign currency arose from a borrowing made prior to 1 July 1992, that being the date of commencement of the Taxation Laws Amendment (Self Assessment) Act 1992 (Cth)and was repaid after that date – subject matter of ruling discussed – effect of s 12(2) of the Taxation Laws Amendment (Self Assessment) Act 1992 (Cth) considered

Income Tax Assessment Act 1936 (Cth) ss 82U, V and Z, s 170BA Taxation Administration Act 1953 (Cth) Part IVAAA Taxation Laws Amendment (Self Assessment) Act 1992 (Cth) ss 12, 13 Commissioner of Taxation v Energy Resources of Australia Ltd (1996) 185 CLR 66 referred to VICTORIA CO LIMITED v DEPUTY COMMISSIONER OF TAXATION W 205 0F 2000 HILL, TAMBERLIN & EMMETT JJ SYDNEY 8 JUNE 2001

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY W205 OF 2000

ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA

BETWEEN: VICTORIA CO LIMITED

(ARBN 050 584 202)

APPELLANT

AND: DEPUTY COMMISSIONER OF TAXATION

RESPONDENT

JUDGES: HILL, TAMBERLIN AND EMMETT JJ

DATE OF ORDER: 8 JUNE 2001

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: The appeal is dismissed with costs. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY W205 OF 2000

ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA