Commissioner of Taxation v Commercial Nominees of Australia Limited

HIGH COURT OF AUSTRALIAGLEESON CJ,GAUDRON, McHUGH, KIRBY, AND CALLINAN JJCOMMISSIONER OF TAXATION   APPELLANTANDCOMMERCIAL NOMINEES OF AUSTRALIA                RESPONDENTLIMITED Commissioner of Taxation v. Commercial Nominees of Australia Limited[2001] HCA 3331 May 2001S150/2000ORDERAppeal dismissed with costs.On appeal from the Federal Court of AustraliaRepresentation:D H Bloom QC with J L B Allsop SC and J H Momsen for the appellant (instructed by Australian Government Solicitor)T M Jucovic QC with K J Burges for the respondent (instructed by Corrs Chambers Westgarth)Notice:  This copy of the Court's Reasons for Judgment is subject to formal revision prior to publication in the Commonwealth Law Reports.CATCHWORDSCommissioner of Taxation v Commercial Nominees of Australia LimitedTaxation - Income tax - Superannuation funds - Whether trustee of superannuation fund was entitled to claim losses from previous years as allowable deductions - Trust deed had been amended between periods when losses incurred and year of income - Whether amendments amounted to re-settlement - Whether lack of continuity in fund between periods when losses incurred and year of income - Indicia of continuity for purposes of Pt IX of Income Tax Assessment Act 1936 (Cth).Income Tax Assessment Act 1936 (Cth), ss 79E, 80, 267, 272, 278.Superannuation Industry (Supervision) Act 1993 (Cth), ss 10, 45.GLEESON CJ, GAUDRON, McHUGH, KIRBY AND CALLINAN JJ.   The issue in this appeal is whether, in the calculation of the taxable income of a superannuation fund for a certain year, the taxpayer's contention, that losses incurred in previous years and carried forward were allowable deductions, was defeated by reason of a...