FEDERAL COURT OF AUSTRALIA
Brady King Pty Ltd v Commissioner of Taxation [2008] FCAFC 118
CORRIGENDUM
BRADY KING PTY LTD v THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA
VID 140 of 2008
HEEREY, GOLDBERG AND DOWSETT JJ
26 JUNE 2008 (CORRIGENDUM 23 JULY 2008)
MELBOURNE
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IN THE FEDERAL COURT OF AUSTRALIA |
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VICTORIA DISTRICT REGISTRY |
VID 140 of 2008 |
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ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA |
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BETWEEN: |
BRADY KING PTY LTD Appellant
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AND: |
THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA Respondent
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JUDGES: |
HEEREY, GOLDBERG AND DOWSETT JJ |
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DATE: |
26 JUNE 2008 |
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PLACE: |
MELBOURNE |
CORRIGENDUM
1 There should be substituted for [10] of the reasons for judgment the following:
Section 75-5(1) at the relevant time provided that a taxpayer may choose to apply the Margin Scheme in working out the amount of GST on a supply of real property that is made by:
(a) selling a freehold interest in land; or
(b) selling a stratum unit; or
(c) granting or selling a long-term lease.
2 There should be substituted for [13] of the reasons for judgment the following:
Section 75-10 of the GST Act at the relevant time provided, relevantly for present purposes:
(1) If a *taxable supply of *real property is under the *margin scheme, the amount of GST on the supply is 1/11 of the *margin for the supply.
(2) The margin for the supply is the amount by which the *consideration for the supply exceeds the consideration for your acquisition of the interest, unit or lease in question.
(3) However, if:
(a) the circumstances specified in an item in the second column of the table in this subsection apply to the supply; and
(b) a valuation of the freehold interest, *stratum unit or *long term lease, as at the day specified in the corresponding item in the third column of the table, has been made that complies with any requirements determined in writing by the Commissioner for making valuations for the purposes of this Division;
the margin for the supply is the amount by which the *consideration for the supply exceeds that valuation of the interest, unit or lease.
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Use of valuations to work out margins |
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Item |
When valuations may be used |
Days when valuations are to be made |
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1 |
The supplier acquired the interest, unit or lease before 1 July 2000, and items 2, 3 and 4 do not apply |
1 July 2000 |
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2 … |
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2A … |
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3 |
The supplier is *registered or *required to be registered and has held the interest, unit or lease since before 1 July 2000, and there were improvements on the land or premises in question as at 1 July 2000. |
1 July 2000 |
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4 … |
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(An asterisk indicates that there is a definition of the expression in the Dictionary in the Act.)
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I certify that the preceding two (2) numbered paragraphs are a true copy of the Reasons for Judgment herein of the Honourable Justices Heerey, Goldberg and Dowsett. |
Associate:
Dated: 23 July 2008
