Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Envestra Limited (ACN 078 551 685) v Commissioner of Taxation [2008] FCA 249
TAXATION – tax cost setting rules – consolidated groups – calculation of allocable cost amount of a joining entity – consolidated group electing not to apply an accounting standard to financial statements prepared in joining year – subsequent adoption of an accounting standard – whether deferred liabilities of a joining entity ought to be recognisable in accordance with the subsequently adopted standard – meaning of "can or must be recognised" under s 705-70(1) of the Income Tax Assessment Act 1997 (Cth) CORPORATIONS – financial reporting obligations – accounting standards made pursuant to the Corporations Act 2001 (Cth) STATUTORY INTERPRETATION – proper meaning of "can or must" under s 705-70(1) of the Income Tax Assessment Act 1997 (Cth) – construction of statutes – use of tense – whether use of present tense contemplates present as well as future possibilities Income Tax Assessment Act 1997 (Cth) Pt 3-90, Div 701, Div 705, Subdiv 705-A, ss 700-5, 700-10, 705-10, 705-60, 705-70, 701-1 New Business Tax System (Consolidation) Act (No 1) 2002 (Cth) s 3, Sch 1 Tax Laws Amendment (Improvements to Self Assessment) Act (No 2) 2005 (Cth) s 31 Taxation Administration Act 1953 (Cth) Div 359 Sch 1, s 14ZAF, s 359-60, s 14ZZS Corporations Act 2001 (Cth) ss 296, 334, Pt 2M.3 Commissioner of Taxation v Murry (1998) 193 CLR 605 cited Chu Kheng Lim v Minister for Immigration Local Government and Ethnic Affairs (1992) 176 CLR 1 cited Project Blue Sky Inc v Australian Broadcasting Authority (1998) 194 CLR 355 cited Price v Civil Service Commission [1978] 1 All ER1228 considered Mandla (Sewa Singh) v Dowell Lee [1983] 2 AC 548 considered Cronulla Sutherland Leagues Club Ltd v Commissioner of Taxation (1990) 23 FCR 82 considered Brookton Co-op Society Ltd v Commissioner of Taxation (Cth) (1981) 147 CLR 441 cited ENVESTRA LIMITED (ACN 078 551 685) v COMMISSIONER OF TAXATION SAD 59 OF 2007
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