Blockey v. Federal Commissioner of Taxation

31 CLR 503

(Judgment by: Rich J)

Blockey v. Federal Commissioner of Taxation

Court:
HIGH COURT OF AUSTRALIA

Judges: Knox CJ
Isaacs J
Higgins J

Rich J
Starke J

Subject References:
Taxation and revenue
Income tax
Profits on speculation in wheat scrip
Income from personal exertion

Legislative References:
Income Tax Assessment Act 1915 (Cth) - Section 3

Hearing date: 27 February 1923; 28 February 1923;
Judgment date: 12 March 1923;

MELBOURNE


Judgment by:
Rich J

RICH J. I agree that question 1 of the case should be answered in the affirmative. The enterprise upon which the appellant and his associates entered was limited to a particular adventure, but involved, as the facts show, a series of transactions extending over some months, with the object from time to time not of making an investment in the sense of a retention of property, but of carrying out a profit-making scheme in which the disposal of the purchased property was an inseparable ingredient. The resulting profit is, in my opinion, taxable income within the meaning of the Income Tax Assessment Act.