Markets Nominees Pty Ltd v Commissioner of Taxation [2012] FCA 262

FEDERAL COURT OF AUSTRALIA

Markets Nominees Pty Ltd v Commissioner of Taxation [2012] FCA 262 Citation: Markets Nominees Pty Ltd v Commissioner of Taxation [2012] FCA 262

Parties: MARKETS NOMINEES PTY LTD (ACN 115 665 257), ACN 116 378 931 PTY LTD (ACN 116 378 931) (RECEIVERS & MANAGERS APPOINTED) (IN LIQUIDATION), NICK JIM COMBIS and PETER DINORIS v COMMISSIONER OF TAXATION

File number: VID 1031 of 2011

Judge: TRACEY J

Date of judgment: 27 March 2012

Catchwords: TAXATION – priority dispute – proceeds of sale of assets – competing claims – charge over assets - created by deed – whether charge fixed or floating – found to be a fixed charge

Legislation: Corporations Act 2001 (Cth) s 265 Income Tax Assessment Act 1936 (Cth) s 218 Sales Tax Assessment Act (No 1) 1930 (Cth) s 38 Taxation Administration Act 1953 (Cth) ss 260-5, 260-15, 260-20 Taxation Administration Act 1996 (SA)

Cases cited: Agnew v Commissioner of Inland Revenue [2001] 2 AC 710 cited Clyne v Deputy Commissioner of Taxation (1981) 150 CLR 1 cited, applied Commissioner of Taxation v Donnelly (1989) 25 FCR 432 cited Deputy Commissioner of Taxation v LAI Corporation Pty Ltd [1987] WAR 1 cited, considered Illingworth v Houldsworth [1904] AC 355 cited Luckins v Highway Motel (Carnarvon) Pty Ltd (1975) 133 CLR 164 cited Macquarie Health Corporation Limited v Federal Commissioner of Taxation (1999) 96 FCR 238 cited, considered Re Spectrum Plus (in liq) [2005] 2 AC 680 cited Tricontinental Corporation Limited v Commissioner of Taxation (Cth) [1988] 1 Qd R 474 cited United Builders Pty Ltd v Mutual Acceptance Ltd (1980) 144 CLR 673 cited Macquarie Dictionary New Shorter Oxford English Dictionary Oxford Dictionary