26 Feb 07 Commissioner's response to McNeil (St George "sell back rights")Following the decision of the High Court in FCT v McNeil  HCA 5 - see 2006 TAXVINE No 6 (6) (23 February 2007) - in which the proceeds of sale of St George Bank's "sell back rights" were held to be assessable as income, the Commissioner has issued a Decision Impact Statement. The Commissioner advises that the ATO will work with St George Bank to contact affected shareholders and provide advice on the decision and what it means for them. Apparently, there are a small number of people who objected to inclusion of the assessable amount in their return. Their objections have been on hold pending the Court's decision. The Commissioner says that they will now be finalised. These taxpayers do not need to take any action; the ATO will write to them.
For a copy of the Commissioner's Decision Impact Statement, go here