The High Court has dismissed two appeals against a decision of the Full Federal Court on liquidators’ obligations to retain from the proceeds of sale an amount sufficient to pay tax on the sale of a property. The liquidators of ABS sold a property on which ABS made a $1.12m capital gain, which became part of ABS’s assessable income for that year. That assessment would be issued to ABS not the liquidators in their capacity as liquidators. The central issue was whether s 254(1)(d) of the Income Tax Assessment Act 1936 (Cth), which relates to Continue reading →