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’

Tax Month - August 2018

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’)

Tax Month - August 2018

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…