🔹Trustees assessed on capital gains distributed to foreign residents 🔹
This week the High Court refused the taxpayer’s application for special leave to appeal from the Full Federal Court in the decision in Greensill’s case.*
The Full Federal Court’s decision that trustees of resident discretionary trusts were assessable under s 98 of the ITAA 1936 on capital gains:
🔸 made on the sale of shares that were not taxable Australian property; and
🔸which were distributed to foreign residents.
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* Peter Greensill Family Co Pty Ltd (Trustee) v FCT [2021] FCAFC 99