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The Federal Court (Logan J) has held that the liquidators of a company, Australian Building Systems Pty Ltd ACN 094 238 678 (In liquidation), were not obliged, under s 254 of ITAA 1936, to account to the Commissioner out of the proceeds of sale, for any capital gains tax liability that crystallised on the sale of an asset that belonged to the company before liquidation.

The Court held that what the High Court had said in relation to s 255 in Bluebottle UK Ltd v FCT [2007] HCA 54; (2007) 232 CLR 598 (Bluebottle) applied equally to s 254, so that "content can be given to the obligation imposed by s 254(1)(d) only if an assessment has issued".

The Commissioner's objection decision, made in relation to an objection to a private ruling request made by the liquidators, was set aside.

Australian Building Systems Pty Ltd v FCT [2014] FCA 116 (21 February 2014).

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