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The ATO has issued a Decision Impact Statement in relation to the Federal Court decision in Visy Packaging Holdings Pty Ltd v FCT [2012] FCA 1195; 2012 ATC 20-357.

The case concerned whether companies in the Pratt Group were entitled to certain deductions and loss transfers for losses incurred in acquiring and disposing of various packaging businesses and assets of Southcorp Ltd.

Middleton J accepted that the losses on the disposal of the shares were incurred in the course of gaining or producing the assessable income of the relevant companies. The ATO accepts that the decision was open on the facts before the Federal Court.


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