From www.accountantsdaily.com.au: The Federal Court of Australia upheld a decision favouring the Commissioner of Taxation in the Aitken v Commissioner of Taxation case, which involved the income tax implications of a taxpayer’s exit from a forestry management investment scheme.

The court concluded that two capital gains tax events were relevant: the exercise of a put option and the novation of the forestry interest rights, which together established Aitken’s assessable income as $4,718,000.

Aitken’s appeal was dismissed as he failed to demonstrate that the Commissioner’s amended assessment was excessive.