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25 Mar 08 Decision Impact Statement - Condell

The ATO has published a Decision Impact Statement in relation to the Full Federal Court in Condell v FCT [2007] FCACC 44; 2007 ATC 4404; 66 ATR 100. The issue before the Court was whether the dividend, paid by a company (HP) to its shareholders by way of a distribution of in-specie shares in its subsidiary, Agilent, was paid wholly out of profits derived by HP in circumstances where the market value of the distribution greatly exceeded the amount debited to retained earnings. The majority held the distribution was paid wholly out of profits.

For a copy of the Decision Impact Statement, go here

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