Commissioner of Taxation v Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund (No 2) [2012] FCA 516

FEDERAL COURT OF AUSTRALIA

Commissioner of Taxation v Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund (No 2) [2012] FCA 516 Citation: Commissioner of Taxation v Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund (No 2) [2012] FCA 516

Parties: COMMISSIONER OF TAXATION v INTERHEALTH ENERGIES PTY LTD ACN 003 104 505 AS TRUSTEE OF THE INTERHEALTH SUPERANNUATION FUND, PATRICK SHAUN WILSON and IVOR WORRELL AND JASON BETTLES IN THEIR CAPACITY AS JOINT AND SEVERAL TRUSTEES OF THE BANKRUPT ESTATE OF PATRICK SHAUN WILSON

File number: QUD 221 of 2010

Judge: LOGAN J

Date of judgment: 18 May 2012

Catchwords: SUPERANNUATION – acceptance and enforcement of undertakings pursuant to s 262A of the Superannuation Industry (Supervision) Act 1993 (Cth) – whether award of compound interest is permissible – where no express limitation to awarding of compound interest – instructive to consider equitable position where a trustee has breached an obligation arising under a trust deed to pay a sum to a beneficiary Held: compensatory compound interest awarded on yearly rests pursuant to s 262A(4)(c) of the Superannuation Industry (Supervision) Act 1993 (Cth)

Legislation: Bankruptcy Act 1966 (Cth) s 116 Corporations Act 2001 (Cth) s 477 Federal Court of Australia Act 1976 (Cth) s 51A Superannuation Industry (Supervision) Act 1993 (Cth) s 262A

Cases cited: Adsett v Berlouis (1992) 37 FCR 201 applied Australasian Memory Pty Limited v Brien (2000) 200 CLR 270 cited Ben v Suva City Council [2008] FJSC 17 cited Commissioner of Taxation v Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund [2012] FCA 120 referred to Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd (2001) 37 ACSR 672 followed Hungerfords v Walker (1989) 171 CLR 125 followed Knight v F.P. Special Assets Limited (1992) 174 CLR 178 followed Marine Board of Launceston v Minister of State for the Navy (1945) 70 CLR 518 followed The Owners of the Ship "Shin Kobe Maru" v Empire Shipping Company Inc (1994) 181 CLR 404 followed In re Beddoe; Downes v Cottam [1893] 1 Ch 547 applied South Australian Land Commission v Perry (1977) 15 SASR 315 considered Thomas v SMP (International) Pty Ltd No 6 [2010] NSWSC 1311 considered Wallersteiner v Moir (No 2) [1975] 2 WLR 389 considered