The High Court has released the transcript of the Commissioner’s appeal against the Full Federal Court decision in MBI Properties Pty Ltd v FCT [2013] FCAFC 112. The High Court adjourned the appeal to a date to be fixed – FCT v MBI Properties Pty Ltd [2014] HCATrans 200. The Full Federal Court had overturned an earlier decision and unanimously held that a taxpayer that had purchased 3 residential apartments which were subject to leases, did not have an increasing adjustment within the meaning of Div 135 of the GST Act, as there was no continuing supply in terms of s 135-5(1).
[LTN 178, 15/9/14]