Federal Court of Australia
Federal Court of Australia
Peter Greensill Family Co Pty Ltd (Trustee) v Commissioner of Taxation [2021] FCAFC 99 Appeal from: Peter Greensill Family Co Pty Ltd (trustee) v Commissioner of Taxation [2020] FCA 559; N & M Holdings Pty Ltd v Commissioner of Taxation [2020] FCA 1186
File number(s): NSD 578 of 2020 NSD 1034 of 2020 NSD 1035 of 2020
Judgment of: DAVIES, MOSHINSKY and COLVIN JJ
Date of judgment: 10 June 2021
Catchwords: TAXATION – interaction between div 855 of the Income Tax Assessment Act 1997 (Cth) (1997 Act), sub-div 115-C of the 1997 Act and div 6 and div 6E of the Income Tax Assessment Act 1936 (Cth) (1936 Act) considered – where capital gains made by a resident trust estate from non-taxable Australian property distributed to non-resident beneficiary – where trustee assessed in respect of those gains pursuant to s 115-220 of the 1997 Act and s 98 of the 1936 Act – where foreign resident beneficiary also assessed in respect of those gains pursuant to s 115-215(3) of the 1997 Act – whether s 855-10 of the 1997 Act applied to the foreign resident beneficiary to disregard the capital gains – whether s 855-10 has any operation in the calculation of the amounts required to be calculated under ss 115-215 and 115-220 in sub-div 115-C – construction of s 855-10 and sub-div 115-C – appeal dismissed
Legislation: Income Tax Assessment Act 1936 (Cth) ss 95, 95AAA, 95AAB, 95AAC, 96, 97, 98, 98A, 99, 99A, 100, 102UW, 102UX, 102UY, 160L (repealed) Income Tax Assessment Act 1997 (Cth) ss 2-15, 100-5, 100-33, 102-5, 102-20, 104-75, 115-10, 115-15, 115-210, 115-215, 115-220, 115-222, 115-225, 115-227, 115-228, 118-20, 121-20, 136-10 (repealed), 320-170, 768-605, 855-5, 855-10, 855-15, 855-20, 855-25, 855-30, 855-32, 855-40, 950-150, 960-130, 995-1 Explanatory Memorandum, New International Tax Arrangements (Managed Funds and Other Measures) Bill 2004 (Cth) Explanatory Memorandum, Tax Laws Amendment (2006 Measures No. 4) Bill 2006 (Cth) Explanatory Memorandum, Tax Laws Amendment (2011 Measures No. 5) Bill 2011 (Cth)
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