Bray v. Federal Commissioner of Taxation.

Members: Barwick CJ

Stephen J
Mason J
Jacobs J
Aickin J

Tribunal:
Full High Court

Decision date: Judgment handed down 19 May 1978.

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Stephen J.: I would dismiss this appeal upon the ground that at no material time was the fund which the taxpayer caused to be established a ``public fund'' within the meaning of sec. 78(1)(a) of the Income Tax Assessment Act 1936.

I have had the advantage of reading the reasons for judgment of Jacobs J. and I agree with all that he says concerning both the meaning of ``public fund'' and also the failure of the present fund to answer the description of ``public fund''. At first instance Menhennitt J. likewise concluded that the fund was not a ``public fund'' for the purposes of sec. 78(1)(a) and in his reasons for that conclusion I would also concur.

The failure of the fund to satisfy the description of a ``public fund'' is enough to determine the outcome of this appeal. I would dismiss this appeal accordingly.