A discussion of the law of ‘sham’ as applied in Millar v FCT – ‘back to back’ loans assessed as premature benefit from superannuation fund

Tax Articles

SHAM TRANSACTIONS AND THE MILLAR CASE [2016] FCAFC 94 CPD OF THE TAX BAR ASSOCIATION HELD AT THE FEDERAL COURT OF AUSTRALIA 10 October 2016 Presented by Jennifer Batrouney QC, Annette Charak, Hadi Mazloum ************************* Jennifer Batrouney QC: Sham has been described as a “popular and pejorative word” and, as Tony Slater QC has said,…

Millar v FCT – taxpayer fails to get leave to appeal the Full Federal Court decision that the ‘back to back’ loan agreements were a ‘sham’ despite there being no actual intention to deceive (just sign here)

Tax Month - November 2016

The High Court has refused husband and wife taxpayers special leave to appeal against the decision of the Full Federal Court in Millar v FCT [2016] FCAFC 94. The Full Federal Court had confirmed the Commissioner’s assessments, based on certain ‘back-to-back’ loans being shams, such that their superannuation fund had actually paid a benefit directly…