Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Consolidated Media Holdings Limited v Commissioner of Taxation [2011] FCA 367 Citation: Consolidated Media Holdings Limited v Commissioner of Taxation [2011] FCA 367
Parties: CONSOLIDATED MEDIA HOLDINGS LIMITED v COMMISSIONER OF TAXATION
File number(s): NSD 623 of 2009 NSD 822 of 2009
Judge: EMMETT J
Date of judgment: 14 April 2011
Catchwords: TAXATION – income tax – company share buy-backs – off-market purchase – entry of transaction into books and records of company – whether consideration constituted dividend within the meaning of s 159GZZZP of the Income Tax Assessment Act 1936 (Cth) – whether purchase price was debited against amounts standing to the credit of the company's share capital account – meaning of 'share capital account' – extent to which reserve accounts may have negative or debit balances
Legislation: Australian Securities and Investments Act 2001 (Cth) s 226 Corporations Act 2001 (Cth) ss 9, 257A, 257B, 257D, 257E, 257H, 286, 292, 295, 296, 297 Income Tax Assessment Act 1936 (Cth) ss 6D, 44, 46, 46A, 159GZZZK, 159GZZZP, 159GZZZQ, 160APA, 177 Income Tax Assessment Act 1997 (Cth) Taxation Administration Act 1953 (Cth) Sch 1 (ss 286-75, 298-10)
Date of hearing: 7 and 8 March 2011
Place: Sydney
Division: GENERAL DIVISION
Category: Catchwords
Number of paragraphs: 73
Counsel for the Applicant: T. F. Bathurst QC, A. J. Payne SC, C. A. Burnett
Solicitors for the Applicant: Mallesons Stephen Jaques
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