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On 2 June 2011 the ATO released a Decision Impact Statement on the decision of the Full Court of the Federal Court in this case, which concerned the issue of how much of an undissected lump sum payment made under a deed of settlement is assessable to the first applicant under the CGT provisions in the ITAA 1936. The case is reported as Gerard Cassegrain & Co Pty Ltd v FCT; Clos Farming Estates Pty Ltd v FCT [2011] FCAFC 12; 2011 ATC 20-242.

The ATO respectfully accepts the Court’s decision that there was no error of law in the decision of the AAT that $1,598,328 of the settlement proceeds was attributable to disposals of assets by Claude Cassegrain. This decision was based on the specific facts of this case. It is considered that this decision will not have any impact on any existing or future litigation matters. The decision will not result in any change to current ATO practices.