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08 Aug 13 Taxpayer's appeal on profits derived from sale of properties dismissed - August

The Full Court of the Federal Court (Siopis, Besanko and McKerracher JJ) has dismissed the taxpayers' appeals from the decision of Nicholas J of the Federal Court in August v FCT [2012] FCA 682. Nicholas J held that the taxpayers, as beneficiaries of a trust, were in receipt of income according to ordinary concepts when they received their share of the profits made on the sale of a number of properties acquired by the trustee of the trust. The Full Court agreed.

August v FCT [2013] FCAFC 85 (Federal Court, Siopis, Besanko and McKerracher JJ, 7 August 2013).

 


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