The High Court on Fri 14.2.2014, refused the taxpayer’s application for special leave to appeal against the Full Federal Court decision in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2013] FCAFC 45. The Full Federal Court had dismissed the taxpayer’s appeal from the decision in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2012] FCA 1052. In so doing, the Court upheld the finding that a resolution to distribute a id=”mce_marker”4m capital gain from a family trust was “special income” derived by a self-managed superannuation fund (SMSF) under former s 273(6) of the ITAA 1936 (which is taxable at 47% instead of 15%), notwithstanding that the amount was not actually received by the SMSF.
[LTN 30, 14/2/14]