Sunlea Enterprises Pty Ltd v CofT – Input tax credits denied for belatedly invoiced “unrecouped project costs” – as insufficient evidence of any ‘acquisition’, of payment, of the thing supplied being taxable; and the invoice was not a ‘tax invoice’

The AAT has decided that the trustee of a unit trust was not entitled to input tax credits, as there was insufficient evidence of a creditable acquisition and the relevant invoices did not comply with the requirements of a tax invoice for GST purposes. The facts included the following. In December 2004, the then trustee of the…

Greig v CofT – Taxpayer appeals to Full Federal Court on the deductibility of $11.85m of share losses and legal fees based on the ‘profit making undertaking or scheme’ head of income (gone ‘pear shaped’)

The taxpayer has appealed to the Full Federal Court against the decision of Thawley J in Greig v CofT [2018] FCA 1084. The Federal Court had held that the taxpayer was not entitled to a deduction under s 8-1 of the ITAA 1997 for share losses of $11.85m and legal fees. The taxpayer had argued that the…