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17 Feb 15 Decision Impact Statement - August

The ATO has published a Decision Impact Statement in relation to the decision of the Full Court of the Federal Court in August v FCT [2013] FCAFC 85.

The decision concerned whether the profit from the sale of properties was income according to ordinary concepts or income of a capital nature. Both the judge at first instance and the Full Court held that it was income according to ordinary concepts, as argued for by the Commissioner.

The ATO view of the decision is that the Full Court applied settled principles of law to the facts of the case. The decision has no wider ramifications.

 


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