The ATO on Fri 8.2.2013, issued a Decision Impact Statement on the Full Federal Court’s decision in Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund v FCT [2012] FCAFC 185. In that decision, the Full Court dismissed the taxpayer’s appeal seeking leave to raise a new point on appeal not raised before. The matter concerned a breach of undertaking by a SMSF.
The ATO said the Court applied established case law in dismissing the taxpayer’s appeal. It said while not required, the Court also observed that the Commissioner was the correct Regulator pursuant to s 10(4) of the SIS Act, which was consistent with the Commissioner’s views on the application of the provision. Further, the ATO said it does not consider that the decision impacts on the views expressed in SMSFD 2007/1 (When is a dividend or trust distribution “received” before the end of 30 June 2009 for the purposes of para 71D(d) of the SIS Act) and SMSFR 2009/3 (Application of the SIS Act to unpaid trust distributions payable to a SMSF).
[LTN 26, 8/2/13]