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15 Jun 09 Fund denied charitable status under s 50-60 - Bargwanna

The Federal Court (Edmonds J) has upheld the Commissioner's appeal from the decision of the AAT, and held that a fund established for charitable purposes was not entitled to exemption from income tax under s 50-60 ITAA 1997, on the basis that certain impugned transactions meant that the fund was not applied for the purposes for which it was established. The impugned transactions included an interest off-set account which disadvantaged the fund and benefited the trustees, neither of whom were objects within the ambit of the purposes for which the Fund was established: FCT v Bargwanna [2009] FCA 620 (Federal Court, Edmonds J, 12 June 2009).

For a copy of the decision, go here

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