Daily Archives: July 16, 2018

Harding v FCT – Taxpayer appeals Federal Court decision he was a ‘resident’ and taxable on his Saudi Arabia income despite not intending to return to Australia to live

The taxpayer has appealed to the Full Federal Court against the decision of Derrington J in Harding v FCT [2018] FCA 837. The taxpayer had been unsuccessful in arguing that he had a permanent place of abode outside of Australia for the relevant income tax year. In June 2009, the taxpayer left Australia to work in Saudi Arabia as…

Cam & Bear Pty Ltd v McGoldrick – SMSF auditor found negligent for failing to detect an unsecured loan was not ‘cash’ as recorded (when borrower later became insolvent and was wound up)

In a negligence claim, the NSW Court of Appeal has ruled that an SMSF auditor breached his duty of care by failing to qualify the fund’s audit reports in relation to an unsecured loan which had been classified as cash. The plaintiff is the corporate trustee of an SMSF for a doctor and his wife.…