Keycorp Limited v Commissioner of Taxation [2007] FCA 41

FEDERAL COURT OF AUSTRALIA

Keycorp Limited v Commissioner of Taxation [2007] FCA 41

INCOME TAX – meaning of 'part of a loss' in loss transfer provisions – part of a loss does not include loss calculation by reference to part of the year. Income Tax Assessment Act 1936 Income Tax Assessment Act 1965 Income Tax Assessment Amendment Act (No 4) 1984 Income Tax Assessment Act 1997 Income Tax Assessment Amendment Act (No 2) 1978 Taxation Administration Act 1953 Tax Law Improvement Act 1997 Braverus Maritime Inc v Port Kembla Coal Terminal Ltd (2005) 148 FCR 68 cited Brennan v R (1936) 55 CLR 253 referred to CIC Insurance Ltd v Bankstown Football Club Ltd (1997) 187 CLR 384 cited Commissioner of Taxation of the Commonwealth of Australia v Murry (1998) 193 CLR 605 cited Commissioner of Taxation of the Commonwealth of Australia v Linter Textiles Australia Limited (2005) 220 CLR 592 cited Commissioner of Taxation v Asiamet (No 1) Resources Pty Ltd (2004) 137 FCR 146 cited Federal Commissioner of Taxation v Comber (1986) 10 FCR 88 cited Federal Commissioner of Taxation v McMahon (1997) 79 FCR 127 cited Federal Commissioner of Taxation v Reynolds Australia Alumnia Ltd (1987) 77 ALR 543 cited Federal Commissioner of Taxation v Top of the Cross Pty Ltd (1981) 37 ALR 623cited Harts Australia Ltd v Commissioner of Taxation (2001) 109 FCR 405 referred to Harts Australia Pty Ltd v Commissioner of Taxation 2000 ATC 4566 referred to Plessey Australia Pty Ltd v Federal Commissioner of Taxation (1989) 89 ALR 395 cited KEYCORP LIMITED AND TELSTRA PAYMENT SOLUTIONS LIMITED v COMMISSIONER OF TAXATION NSD 121 OF 2006

ALLSOP J

7 FEBRUARY 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 121 OF 2006

BETWEEN: KEYCORP LIMITED

First Applicant

TELSTRA PAYMENT SOLUTIONS LIMITED