Consolidated Media Holdings Ltd v Commissioner of Taxation

Friday 23 March 2012 @ 4.15 p.m. | Taxation

The Federal Court has handed down its decision in Consolidated Media Holdings Ltd v Commissioner of Taxation [2012] FCAFC 36, in a judgment dated 20 March 2012.

The court had to decide whether consideration constituted a dividend within the meaning of s159GZZZP 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). It also looked at the meaning and application of ‘share capital account’ as defined by s 6D of the Income Tax Assessment Act 1936 (Cth). Ultimately, it held that no part of the purchase price was debited against amounts standing to the credit of share capital account, and found it to be a dividend within the meaning of s 159GZZZP.

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