Huge Tax Claim From
p. 133 · Read in the full issue
N. Guinea Salvage
A DECISION has not yet been announced in the appeal which War Assets Pty., Ltd., of Mel )ourne, made against an assessment )f £62,483 by the Australian Tax ition Commissioner. (See PIM, kpril, p. 14).
Shareholders in War Assets in clude Mr. John Wren, Jnr., Mr.
Joseph Wren, Mr. P. F. Cody and Vlr. A. M. Westhoven. A lot of ?oods and equipment were left in Papua-New Guinea after the war ly Standard Oil. Standard Oil sold ts rights therein to Vacuum Oil Co.
of Australia. Vacuum Oil sold its option over the salvage for £65,000 to War Assets Pty., Ltd., of which Mr. Westhoven appears to have been the active member.
The Tax Commissioner claimed that War Assets made a profit of £137,057, and it was taxed accord ingly. War Assets said in reply that it had assigned its rights in Milne Bay salvage (from which apparently the main profit came) to a Co. registered in New Guinea, Milne Bay Merchants Ltd., but, unfortu nately. that assignment was not made in writing. It submitted evi dence to show that the assignment was made, and claimed that the profits of the NG company were not taxable.
The case was heard in Melbourne.