Commissioner of Taxation v Australia and New Zealand Savings Bank Ltd [1994] HCA 58

High Court of Australia Brennan, Deane, Dawson, Toohey and McHugh JJ. Commissioner of Taxation v Australia and New Zealand Savings Bank Ltd [1994] HCA 58

ORDER In the case of each appeal:

1. Appeal allowed.

2. Orders 2 and 3 of the Full Court of the Federal Court be set aside and in lieu thereof order:

(a) Orders of the trial Judge be set aside and in lieu thereof:

(i) Order the objection decision of the respondent Commissioner be set aside and the respondent pay the appellant's costs of the appeal.

(ii) Declare that —

A. the assessable income of ANZ-ANZ Savings Bank NSW Treasury Corporation Annuities Partnership No. 17 is to be calculated by reference to s. 27H of the Income Tax Assessment Act 1936 Cth;

B. the net income of the Partnership is to be calculated after determination of the Partnership's allowable deductions.

(b) The respondent Commissioner pay the appellant's costs of the appeal to the Full Court of the Federal Court up to 10 June 1993.

3. Remit to the Federal Court for consideration in accordance with the reasons of this Court the deductions allowable to the Partnership under s. 51(1) of the Income Tax Assessment Act, the appellant to have the costs of the proceedings on remittal unless the Federal Court otherwise orders in whole or in part.

4. The respondent pay the appellant's costs of this appeal.

Cur. adv. vult.

The following written judgments were delivered:—

Brennan, Deane, Dawson and Toohey JJ.

These appeals are brought by the Commissioner of Taxation ("the Commissioner") from orders made by the Full Court of the Federal Court of Australia setting aside objection decisions made by the Commissioner and in lieu thereof allowing objections lodged by the respondent, Australia & New Zealand Savings Bank Ltd. ("the taxpayer"), against assessments to income tax in respect of the years of income ended 30 September 1986 and 1987 [15] .