National Mutual Life Association of Australasia Limited v Commissioner of Taxation of the Commonwealth of Australia [2008] FCA 1871

FEDERAL COURT OF AUSTRALIA

National Mutual Life Association of Australasia Limited v Commissioner of Taxation of the Commonwealth of Australia [2008] FCA 1871

TAXATION – Capital loss – reduced cost base – shares STATUTORY INTERPRETATION – use of explanatory memorandum – anomalous consequences – dictionary definitions COMPANY LAW - nature and state of a share – value of a share Finance Act 1965 (UK) Income Tax Assessment Act 1936 (Cth) Income Tax Assessment Amendments (Capital Gains) Bill 1986 (Cth) Insurance Companies Act 1982 (UK) Taxation of Chargeable Gains Act 1992 (UK) Aberdeen Construction Group Ltd v Commissioners of Inland Revenue (1978) 52 TC 281 considered Airservices Australia v Canadian Airlines International Ltd (2000) 202 CLR 133 cited Archibald Howie Pty Ltd v Commissioner of Stamp Duties (NSW) (1948) 77 CLR 143 considered Bradbury v English Sewing Cotton Company Ltd [1923] AC 744 cited Esso Australia Resources Ltd v Commissioner of Taxation 1998) 83 FCR 511 cited Falconer v Pederson [1974] VR 185 cited Pilmer v Duke Group Limited (in Liquidation) (2001) 207 CLR 165 considered PT Ltd v Maradona Pty Ltd (No 2) (1992) 27 NSWLR 241 cited Re Australian Federation of Construction Contractors; Ex parte Billing (1986) 68 ALR 416 cited Re Taxpayer and Federal Commissioner of Taxation (2004) 58 ATR 1172 cited Sydney Futures Exchange Ltd v Australian Stock Exchange Ltd (1995) 56 FCR 236 cited The Trustees of the FD Fenston Will Trusts v The Commissioners of Her Majesty's Revenue and Customs (unreported, Special Commissioners, 7 February 2007) cited Macquarie Dictionary (4th ed) Professor R Pennington, (1989) 10 Company Lawyer 140 THE NATIONAL MUTUAL LIFE ASSOCIATION OF AUSTRALASIA LIMITED (ACN 004 020 437) v COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA

VID 1380 of 2005