Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Guest v Commissioner of Taxation (No 2) [2007] FCA 412
TAXATION – calculation of interest Guest v Commissioner of Taxation [2007] FCA 193 cited JOHN DAVID GUEST v COMMISSIONER OF TAXATION VID 376 OF 2004
HEEREY J
23 MARCH 2007
HOBART (HEARD IN MELBOURNE)
IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VID 376 OF 2004
BETWEEN: JOHN DAVID GUEST
Applicant
AND: COMMISSIONER OF TAXATION
Respondent
JUDGE: HEEREY J DATE OF ORDER: 23 March 2007
WHERE MADE: hobart (heard in MELBOURNE)
THE COURT ORDERS THAT:
1. The appeal is allowed; 2. The applicant is entitled to deduct the amounts of interest set out in the table of calculations filed with the Court on 19 February 2007; 3. The Commissioner's decision to disallow the applicant's deduction is set aside and the matter is remitted to the Commissioner to determine the applicant's objections in accordance with the reasons delivered on 23 February 2007; 4. The Commissioner pay the applicant's costs of the appeal including reserved costs. 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 VID 376 OF 2004
BETWEEN: JOHN DAVID GUEST
Applicant
AND: COMMISSIONER OF TAXATION
Respondent
JUDGE: HEEREY J
DATE: 23 march 2007
PLACE: hobart (heard in MELBOURNE)
REASONS FOR JUDGMENT 1 On 23 February 2007 I delivered reasons substantially upholding Mr Guest's contentions in this matter. I directed that counsel bring in minutes of proposed orders to give effect to the reasons: Guest v Commissioner of Taxation [2007] FCA 193. 2 Differences have arisen between the parties as to the appropriate calculation of interest for which I have held Mr Guest is entitled to deductions. Written submissions have been filed. 3 Two issues arise: the method of calculation of interest and the application of sale of fruit proceeds. Depending on which approach is correct as to each issue, Mr Guest may have been under no liability at all to Rural Finance as at 31 March 1991 in which case no deductions will be allowable for the tax years in question (1998–2001 inclusive). Alternatively, there may be a liability which will result in a deduction for substantially less than the amounts claimed.
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