The High Court has refused the taxpayers’ applications for special leave to appeal against the decision of the Full Federal Court in Peter Greensill Family Co Pty Ltd (Trustee) v FCT [2021] FCAFC 99.
The Full Federal Court decision, which now stands, had dismissed the taxpayers’ appeals against 2 separate decisions that trustees of resident discretionary trusts were assessable under s 98 of the ITAA 1936 on capital gains made on the sale of shares that were not taxable Australian property (TAP) which were distributed to foreign residents. See previous TT articles about the First Instance Decision and the Full Federal Court Decision.
Tax Month – February 2022 – Previous 2022] 23.2.22 [LTN 34, 22/2/22]