It is understood the Commissioner has filed applications for special leave to appeal to the High Court against the Full Federal Court decision in FCT v Australian Building Systems Pty Ltd (in liq) & Anor [2014] FCAFC 133. The Full Federal Court had confirmed that s 254(1)(d) of the ITAA 1936 does not require a liquidator to retain monies from the sale proceeds of a property for the payment of any resulting CGT liability to the Tax Office, until a relevant assessment has been issued to the taxpayer. The Commissioner argued that such an obligation existed to retain moneys to meet the expected tax liability.
[LTN 217, 10/11/14]