IOOF Holdings Limited v Commissioner of Taxation of the Commonwealth of Australia [2013] FCA 1189

IOOF Holdings Limited v Commissioner of Taxation of the Commonwealth of Australia [2013] FCA 1189

The application and transitional provisions of the Tax Laws Amendment (2012 Measures No 2) Act 2012 (Cth) are exhaustive and manifest a clear legislative intent to retrospectively apply the amendments subject only to a limited exception for private rulings issued before 31 March 2011. IOOF was not issued such a ruling, so its accrued rights are displaced, and the amended law applies.

Jurisdiction
Australia
Judgment Date
15 November 2013
Procedural Posture
Judicial Review / Final Determination
Outcome
Application dismissed with costs
Legal Topics
['retrospective Legislation' 'accrued Rights' 'transitional Provisions' 'income Tax Deduction' 'consolidation Regime']
['taxation Law'] ['retrospective Legislation' 'accrued Rights' 'transitional Provisions' 'income Tax Deduction' 'consolidation Regime']

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Procedural Posture

Judicial Review / Final Determination

Legal Issues

  1. 1 ['Whether the Tribunal erred in deciding that it was not open to apply the provisions of Part 3-90 of the Income Tax Assessment Act 1997 before the amendments in the Tax Laws Amendment (2012 Measures No 2) Act 2012 (Cth)' 'Whether accrued rights are displaced by the operation of the application provisions of the 2012 Amending Act']

Ratio Decidendi

The application and transitional provisions of the Tax Laws Amendment (2012 Measures No 2) Act 2012 (Cth) are exhaustive and manifest a clear legislative intent to retrospectively apply the amendments subject only to a limited exception for private rulings issued before 31 March 2011. IOOF was not issued such a ruling, so its accrued rights are displaced, and the amended law applies.

Court Disposition

Application dismissed with costs

Orders

  • ['The application is dismissed.' "The Applicant pay the First Respondent's costs."]