The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Logan J in SCCASP Holdings as trustee for the H&R Super Fund v FCT [2012] FCA 1052. The Federal Court had held that a resolution to distribute a $14m capital gain from a family trust was “special income” derived by a SMSF under former s 273(6) of the ITAA 1936 (taxable at 47%), notwithstanding that the amount was not actually received by the SMSF.
[LTN 201, 17/10]