Financial Synergy Holdings Pty Ltd v Commissioner of Taxation [2015] FCA 53

FEDERAL COURT OF AUSTRALIA

Financial Synergy Holdings Pty Ltd v Commissioner of Taxation [2015] FCA 53 Citation: Financial Synergy Holdings Pty Ltd v Commissioner of Taxation [2015] FCA 53

Parties: FINANCIAL SYNERGY HOLDINGS PTY LTD v COMMISSIONER OF TAXATION

File number: VID 466 of 2014

Judge: PAGONE J

Date of judgment: 9 February 2015

Catchwords: TAXATION – Capital gains tax – formation of consolidated group – disposal of units in unit trust – roll-over relief obtained – calculation of allocable cost amount – time of acquisition of assets – construction – meaning of "worked out as at the time of acquisition" – whether time of acquisition deemed to be before 20 September 1985 for purposes of Income Tax Assessment Act 1997 (Cth), ss 110-25(2)(b) – meaning of "before that day". STATUTORY INTERPRETATION – Use of guides in interpreting operative provisions.

Legislation: Income Tax Assessment Act 1997 (Cth), Divs 122, 126, Subdivs 109-A, 109-B, 110-A, 122-A, 124-N, 126-B, ss 109-5, 109-10, 109-55, 110-25, 122-70, 122-75, 130-60, 705-35, 705-60, 705-65, 705-125, 716-855, 950-150 Taxation Administration Act 1953 (Cth), Part IVC

Cases cited: Cooper Brookes (Woolongong) Pty Ltd v Commissioner of Taxation (1981) 147 CLR 297 Envestra Ltd v Federal Commissioner of Taxation (2008) 169 FCR 300 Federal Commissioner of Taxation v Sara Lee Household & Body Care (Australia) Pty Ltd (2000) 201 CLR 520 Handbury Holdings Pty Ltd v Federal Commissioner of Taxation (2008) 74 ATR 560 Loizos v Carlton & United Breweries Ltd (1994) 117 FLR 135