Richardson v Commissioner of Taxation [2001] FCA 1354

FEDERAL COURT OF AUSTRALIA

Richardson v Commissioner of Taxation [2001] FCA 1354

INCOME TAX – trusts – trust income – trust in the business of deal making in land – whether proceeds of sale income or capital of the trust for trust purposes – whether trustee exercised power in trust deed to treat income as capital – whether beneficiary presently entitled to any income of the trust estate Income Tax Assessment Act 1936 (Cth), s 97(1)(a)(i) Administrative Appeals Tribunal Act 1975 (Cth), s 44(1)

Case 15/97 97 ATC 208 discussed Richardson v Commissioner of Taxation (1997) 80 FCR 58 referred to McBride v Hudson (1962) 107 CLR 604 discussed Ritchie v Trustees Executors & Agency Co. Ltd (1951) 84 CLR 553 referred to Federal Commissioner of Taxation v Raptis (1989) 20 ATR 1262 referred to Hassel v Perpetual Executors Trustees & Agency Company (WA) Limited (1952) 86 CLR 513 referred to Thornley v Boyd (1925) 36 CLR 526 referred to Charles v Federal Commissioner of Taxation (1954) 90 CLR 598 referred to Commissioner of Taxation of the Commonwealth of Australia v Australia and New Zealand Savings Bank Limited (1998) 194 CLR 328 referred to Harmer v Federal Commissioner of Taxation (1991) 173 CLR 264 referred to Zeta Force Pty Ltd v Commissioner of Taxation (1988) 84 FCR 70 referred to IAN RICHARDSON v COMMISSIONER OF TAXATION V 212 of 2001 BEAUMONT, LINDGREN & KENNY JJ 21 SEPTEMBER 2001 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY V 212 OF 2001

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

BETWEEN: IAN RICHARDSON

APPELLANT

AND: COMMISSIONER OF TAXATION

RESPONDENT

JUDGES: BEAUMONT, LINDGREN & KENNY JJ

DATE OF ORDER: 21 SEPTEMBER 2001

WHERE MADE: MELBOURNE

THE COURT ORDERS THAT: 1. The appeal be dismissed. 2. The appellant pay the respondent's costs of the appeal. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.