The ATO states that the decision confirms the correctness of the Commissioner's approach to what is meant by absolute entitlement in the context of the CGT provisions, including s 106-50 of the ITAA 1997.
TR 2004/D25 sets out the ATO's current administrative treatment of the meaning of the words 'absolutely entitled to a CGT asset as against the trustee' as used in the CGT provisions. As noted in the header to the ruling, that ruling will remain a draft while consultation with Treasury continues concerning certain problems that arise in the practical application of the provisions. The draft ruling does not apply to members of a superannuation fund in respect of assets held by a fund (paragraph 6). The ATO considers that the approach taken by the Court aligns with the "core principle" adopted in the ruling at paragraph 10.
For a copy of the Decision Impact Statement, go here.