Perrott v Deputy Federal Commissioner of Taxation (New South Wales)
40 CLR 450(Decision by: Higgins J)
Perrott
v Deputy Federal Commissioner of Taxation (New South Wales)
Judges:
Knox CJ
Isaacs J
Higgins JStarke J
Subject References:
Taxation and revenue
Income tax
Buying and selling land
Money paid in installments
Legislative References:
Income Tax Assessment Act 1915 (Cth) No 34 - ss 3; ss 10
Judgment date: 1 May 1925
Sydney
Decision by:
Higgins J
I am of the same opinion. The fact that a man is a grazier does not prevent him from entering into the business of land-jobbing, if he wish to do so; and if originally the appellant intended to live on part of this property and to work it, he changed that intention. This transaction was not a change of investment; and the profit here in question is profit made from the business of land-jobbing.