Commissioner of Taxation v. Consolidated Media Holdings Ltd

Lower Court Judgment

20/03/2012 Federal Court of Australia (Stone, Greenwood and Logan JJ)

[2012] FCAFC 36

Catchwords

Taxation — Income tax — Company share buy-back — Off-market purchase — Respondent at relevant time held 100% of issued shares in Crown Melbourne Ltd ('Crown') — Crown resolved to undertake a partial share buy-back — Agreement for off-market share buy-back subsequently entered into — Transfer of shares in Crown by the Respondent was executed for consideration of $1 billion — Whether consideration constituted a dividend within the meaning of s 159GZZZP of the Income Tax Assessment Act 1936 (Cth) or a net capital gain treated as assessable income pursuant to Pt 3-1 of Income Tax Assessment Act 1997 (Cth) — Meaning of 'share capital account' in s 6D(1) of the Income Tax Assessment Act 1936 (Cth) — Income Tax Assessment Act 1936 (Cth), ss 6D, 159GZZZP, 159GZZZQ

Short Particulars