CBA Investments Limited v Northern Star Limited & Ors [2001] NSWSC 465

Reported Decision : (2001) 47 ATR 272

New South Wales Supreme Court

CITATION : CBA Investments Limited v Northern Star Limited & Ors [2001] NSWSC 465 CURRENT JURISDICTION: Equity Division Commercial List FILE NUMBER(S) : SC 50171/99 HEARING DATE(S) : 26 April 2001 Final written submissions 18 May 2001 JUDGMENT DATE : 8 June 2001

CBA Investments Limited (Plaintiff) PARTIES : Northern Star Limited (First Defendant) Richmond-Tweed TV Pty Limited (Second Defendant) Richmond River Broadcasters Pty Limited (Third Defendant) JUDGMENT OF : Bergin J

AJ Meagher SC/AG Bell (Plaintiff) COUNSEL : AJ Sullivan QC/SE Pritchard (First & Second Defendants) RR Harper/JW Gillespie (Third Defendant) LE Taylor (Plaintiff) SOLICITORS : Murray Backhouse Turner (First & Second Defendants) NRG Legal (Third Defendant) CATCHWORDS : [COMMERCIAL LEASES] - Construction of tax indemnity clause in Commercial Lease - Whether the self assessment method introduced into the Income Tax Assessment Act 1936, in 1989, obliged the plaintiff to furnish a return designating certain amounts as revenue rather than capital - Whether plaintiff entitled to elect to have Termination Value reviewed and amended. [WORDS AND PHRASES] "does not accept". LEGISLATION CITED : Income Tax Assessment Act, 1936 Taxation Administration Act, 1953 Ansett Transport Industries (Operations) Pty Ltd v The Commonwealth (1977) 139 CLR 54 Australian Casualty Co Ltd v Federico (1986) 160 CLR 513 CASES CITED : GRE Insurance Ltd v FC of T (1992) 92 ATC 4089 Investors Compensation Scheme Ltd v West Bromwich Building Society (1998) 1 WLR 896 McCann v Switzerland Insurance Australia Ltd (2000) 75 ALJR 325 MIM Holdings Limited v FC of T (1997) 36 ATR 108 DECISION : Summons dismissed.