Forwood Down & Co Ltd v Commissioner of Taxation (Western Australia)

53 CLR 403

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(Decision by: McTiernan J)

Forwood Down & Co Ltd v Commissioner of Taxation (Western Australia)

Court:

Judges: Rich J
Starke J
Dixon J
Evatt J

McTiernan J

Subject References:
Taxation and revenue
Dividend duties
Sale of lease and machinery
Profit from sale taken into profit and loss account

Legislative References:
Dividend Duties Act 1902 (WA) No 32 - Section 5; Section 6

Judgment date: 26 August 1935

PERTH

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Decision by:
McTiernan J

I agree that Dwyer J. arrived at a correct conclusion in finding that the appellant joined with Ridgway in an ordinary profit-making venture in the way of its business, and that the venture was to buy the Lancefield mine and machinery and to resell at a profit and that these objects were carried out.

It follows that the learned Judge was correct in holding that the amount in question should be regarded as profits taxable under the Dividend Duties Act (see Thomas's Case ^[F4] ).

The appeal should be dismissed.