Lock v Commissioner of Taxation [2003] FCA 309

FEDERAL COURT OF AUSTRALIA

Lock v Commissioner of Taxation [2003] FCA 309 TAXATION – superannuation funds – whether superannuation funds met the requirements of s 42 of the Superannuation Industry (Supervision) Act 1993 (Cth) so as to be "complying" funds for the relevant years of income – which subsection of s 42 applied to the relevant years of income – whether there was a contravention of s 66(3) of the Superannuation Industry (Supervision) Act 1993 (Cth) – whether s 66(3) of the Superannuation Industry (Supervision) Act 1993 (Cth) applied to conduct undertaken prior to the funds electing to become regulated superannuation funds within s 19(1) of the Superannuation Industry (Supervision) Act 1993 (Cth) – whether acquisition by the superannuation funds of units in certain trusts, which trusts owned land, amounted to an acquisition by the superannuation funds of the assets of the trusts. WORDS & PHRASES – "scheme", "acquire"

Superannuation Industry (Supervision) Act 1993 (Cth): ss 42, 66 Superannuation Industry (Supervision) Amendment Act 1997 (Cth)

Charles v Federal Commissioner of Taxation (1953) 90 CLR 598, applied Chief Commissioner of Stamp Duties v ISPT Pty Ltd (1998) 45 NSWLR 639, applied MSP Nominees Pty Limited v Commissioner of Stamps (South Australia) (1999) 198 CLR 494, distinguished Karingal 2 Holdings Pty Ltd v Commissioner of State Revenue (2002) 51 ATR 190, applied Australian Prudential Regulation Authority v Holloway [2000] 104 FCR 521, applied DONALD WILLIAM LOCK & CREINA CARMEL LOCK (AS TRUSTEES OF THE LOCK SUPERANNUATION FUND (No 2)) v COMMISSIONER OF TAXATION V 769 of 2001 DONALD WILLIAM LOCK & CREINA CARMEL LOCK (AS TRUSTEES OF THE WILLOWBANK SUPERANNUATION FUND) v COMMISSIONER OF TAXATION V 770 of 2001

GOLDBERG J 9 APRIL 2003 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA