Skip to main content
shopping_cart

Your shopping cart is empty

01 May 08 Classification of trust for trust loss purposes - ConnectEast Management

The Federal Court (Heerey J) has dismissed the taxpayer's appeal from a decision of the Commissioner to disallow an objection to a private ruling. In the private ruling, the Commissioner ruled that a trust of which the applicant was trustee did not, by virtue of s 272-127 of Sch 2F to ITAA 1936, acquire the status of listed widely held trust, being the status of its 2 unitholders (both of whom were also trusts). The Court rejected the applicant's submission that s 272-127 operates to allow 2 or more trusts to confer their status on a collectively owned subsidiary as long as they are on the same level. Rather, s 272-127 operates to confer the benefit of the higher status only where the status-seeking subsidiary is wholly owned by a trust of that higher status: ConnectEast Management Ltd v FCT [2008] FCA 557 (Federal Court, Heerey J, 29 April 2008).

For a copy of the decision, go here

Media Release Search
Keywords
Eg. TD 2005/D52 ALL words EXACT phrase WITHOUT words Date range
From To