25 Jan 11 Commissioner not to appeal Cooperative Bulk Handling Ltd decision
The ATO has advised that the Commissioner has decided not to seek special leave to appeal to the High Court from the Full Federal Court decision in FCT v Cooperative Bulk Handling Limited  FCAFC 155.
The case concerned whether Cooperative Bulk Handling Limited (CBH) was established for the purpose of promoting the development of Australian agricultural resource and meets the special condition under item 8.2 of s 50-40 of ITAA 1997.
The Full Court, with Siopis J. dissenting, held that CBH's income was exempt from income tax. The decision was made on the basis that CBH was established for the purpose of promoting the development of Australian agricultural resources and not carried on for the profit or gain of its individual members.