Mercantile Credits Ltd v Commissioner of Taxation

For the reasons I have given, I find that the Commissioner's assessments were excessive and should be reduced. As I have said, this is not the result of adopting any of the calculations advanced for the taxpayer. But it does involve an acceptance of the basic proposition, which the Commissioner did not accept, namely, that the taxpayer was entitled to a s. 46 rebate upon the dividends received from Bonwood, Richmond Export and Swatchfield. In the circumstances I think the Commissioner should pay two-thirds of the taxpayer's costs, taxed on the basis that the two cases - No. 34 and No. 35 of 1969 - were heard together and that one set of costs covers both.

The Commissioner's assessments are varied by reducing the amounts shewn as tax payable to the following: -