08 Aug 1313 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  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  FCAFC 85 (Federal Court, Siopis, Besanko and McKerracher JJ, 7 August 2013).