Home / HomeThe Full Federal Court (Sundberg, Jessup and Middleton JJ) has allowed the Commissioner's appeal against the decision of Allsop J, who held that the amount of $33,250,000, being the balance of the amount payable under a contract for the purchase of land in Mt Evelyn in Victoria, was incurred in and referable to the 1999 income year when the contract for sale of the land was entered into. The balance of the purchase price was not payable until completion of Stage 1 of building work involved in the development of a retirement village. The Full Federal Court, in allowing the Commissioner's appeal, held that there was no pecuniary liability incurred by the taxpayer in the 1999 year of income and the obligation to pay the residue was not referable to the 1999 year of income: FCT v Malouf  FCAFC 44 (Full Federal Court; Sundberg, Jessup and Middleton JJ; 2 April 2009).
Balance of purchase price payable on settlement not incurred on exchange - Malouf
06 Apr 2009
For a copy of the decision, go here.