Commissioner of Taxation v Consolidated Media Holdings Ltd

Statutory construction begins and ends with the statutory text, read in its context and in light of its purpose; applying that approach, an account in which a company records a share buy-back can be a 'share capital account' under s 6D of the Income Tax Assessment Act 1936 (Cth), so that the buy-back gave rise to an assessable dividend/capital gain consequence as the Commissioner assessed.