High Court of Australia
DiscdNational
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84 C.L.R.] OF AUSTRALIA. 553
rele Squatting
Investment Co HARD (HIGH COURT OF AUSTRALIA.]
RITCHIE . . DEFENDANT,
5 : : ( s APPELLANT ;
AND
TRUSTEES EXECUTORS AND AGENCY) po ccoxpewrs COMPANY LIMITED AND OTHERS . ("°?O8DENTS. PLaIntirrs AND DEFENDANTS,
ON APPEAL FROM THE SUPREME COURT OF VICTORIA.
Tenant for life and remainderman—Gratuitous statutory payment to suppliers of H.C. ov A. wool acquired under National Security (Wool) Regulations (S.R. 1939 No. 108 1951, —S.R. 1940 No. 227)*—Trustees of settled estate carrying on pastoral business ae for purposes of estate—Wool supplied by them in course of business—Gratuitous MELBOURNE, payment received by them—Income of estate of income year in which received May 23-25 ; —Wool Realization Act 1945-1950 (No. 49 of 1945—No. 10 of 1950)*—Wool July 6. Realization (Distribution of Profits) Act 1948 (No. 87 of 1948).*
Dixon, : McTiernan, While the National Security (Wool) Regulations were in operation the th Teen nal z r Pullag: trustees of a settled estate from time to time submitted for appraisement under _Kitto JJ.
the regulations wool produced on a pastoral property carried on by them under a power given by the trust instrument.
Held that moneys received, pursuant to the Wool Realization (Distribution of Profits) Act 1948, by the trustees as the suppliers of the wool were income of the settled estate and should be treated as a receipt of the pastoral business
belonging to the profit and loss account of the year in which they were received.
Decision of the Supreme Court of Victoria (Full Court) affirmed.
Appeat from the Supreme Court of Victoria. This was an appeal from a decision of the Full Court of the Supreme Court of Victoria (Lowe A.C.J., Barry and Sholl JJ.) on
*The material provisions of these regulations and Acts are described in the judgment of the Court, post.
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