|
Appeals update on Clark case |
 |
 |
|
 The High Court has refused the Commissioner's applications for special leave to appeal against the decision of the Full Federal Court in FCT v Clark [2011] FCAFC 5.
| Appeals update on Clark case |
The High Court has refused the Commissioner's applications for special leave to appeal against the decision of the Full Federal Court in FCT v Clark [2011] FCAFC 5. The Full Federal Court decision, which now stands, had, by majority, dismissed the Commissioner's appeal and held that the net capital gain arising out of a disposal of properties by a trust could be reduced by previously unapplied net capital losses, after ownership and control of the trust in question (the "Carringbush Unit Trust") had altered. The Commissioner had contended that the trust estate which incurred the losses was not the same trust estate which had made the capital gain, but the Full Federal Court disagreed. Clark Enterprises Pty Ltd had been trustee of the Carringbush Unit Trust and in the income year ended 30 June 2001, the husband and wife taxpayers were beneficiaries in respect of income derived by Clark Enterprises Pty Ltd as trustee.
|
Newer news items:
Older news items:
|
Basics- Business 
