Taras Nominees Pty Ltd as Trustee for the Burnley Street Trust v FCT – Taxpayer appeals decision that vesting land in JV trust was a CGT event [44]

The taxpayer has appealed to the Full Federal Court against the decision of Kenny J in Taras Nominees Pty Ltd as Trustee for the Burnley Street Trust v FCT [2014] FCA 1. The Federal Court had held that the taxpayer (a trustee of a trust), that owned land and that, in effect, transferred it to a “joint-venture trust” that was created over the land for the commercial development of land (together with adjacent landowners), was liable for CGT arising from the transaction.

[LTN 51, 17/3/14]