From sladen.com.au: AusNet Services Limited sought special leave to appeal to the High Court regarding the decision from the Full Federal Court in AusNet Services Limited v FCT, focusing on the “nothing else” requirement for rollover under Division 615 of the Income Tax Assessment Act 1997.

The Full Federal Court upheld that the last scrip-for-scrip exchange in a series of transactions met this requirement, on the basis that the focus is on what was received in exchange for shares, not on consequential value boosts.

The Australian Taxation Office plans to release guidance on back-to-back CGT rollovers, which may be influenced by the court’s interpretation of the “nothing else” condition.