Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Tagget v Commissioner of Taxation [2010] FCA 25 Citation: Tagget v Commissioner of Taxation [2010] FCA 25
Parties: PETER TAGGET v THE COMMISSIONER OF TAXATION
File number: NSD 1771 of 2008
Judge: NICHOLAS J
Date of judgment: 2 February 2010
Catchwords: TAXATION – Income tax – Applicant obtained a contingent equitable interest in a parcel of land under a deed in 1998 – land was transferred to the Applicant in 2005 – Respondent issued an Assessment to the Applicant at the time of transfer for the 2006 year which included as ordinary income the value of land –– whether derivation of ordinary income occurred when the Applicant was granted the contingent equitable interest in the land in 1998, or when the land was transferred to the Applicant in 2005 – whether Assessment was excessive Held: Application dismissed – Applicant derived ordinary income when the land was transferred to the Applicant in 2005 – value of the land in 2005 correctly included as ordinary income in Assessment – Assessment not excessive Legislation: Taxation Administration Act 1953 (Cth)ss 14ZZ, 14ZQ, 14ZZO Income Tax Assessment Act 1997 (Cth) s 6-5 Income Tax Assessment Act 1936 (Cth) ss 21, 21A Income Tax Act 1952 (UK) Medical Practitioners Act 1938 (NSW)
Cases cited: Commissioner of Taxation v McNeil (2007) 229 CLR 656 cited Bahr v Nicolay (No 2) (1988) 164 CLR 604 cited Chan v Cresdon Pty Ltd (1989) 168 CLR 242 cited Stern v McArthur (1988) 165 CLR 489 cited Abbott v Philbin [1962] AC 352 distinguished Donaldson v Federal Commissioner of Taxation (1974) 3 ALR 516 distinguished Federal Commissioner of Taxation v McArdle (1988) 19 ATR 1901 distinguished Commissioner of Taxes (SA) v Executor Trustee and Ageing Co of South Australia Ltd (1938) 63 CLR 108 (Carden's case) cited Barratt v Commissioner of Taxation (1992) 36 FCR 222 applied Gasparin v Commissioner of Taxation (1994) 50 FCR 73 cited BHP Billington Petroleum (Bass Strait) Pty Ltd v Commissioner of Taxation (2002) 126 FCR 119 cited Federal Commissioner of Taxation v Dixon (1952) 86 CLR 540 cited Tinkler v Commissioner of Taxation (1979) 40 FLR 116 cited
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