Re McKinnon Holdings (NSW) Pty Ltd and FCT – Claim for input tax credits denied – no payment made for supply and no assumption of finance liabilities by the purchaser/taxpayer (after agreement, nothing done)
The AAT has confirmed that a taxpayer was not entitled to claim input tax credits of over $90,000 in relation to “acquisitions” from an associated entity. An associated entity of the taxpayer owned assets, most of which were subject to charges held by third party financiers. The taxpayer argued that under an agreement entered into with…