The High Court has dismissed the taxpayer’s application for special leave to appeal from the decision of the Full Federal Court in Advanced Holdings Pty Limited atf The Demian Trust v FCT [2021] FCAFC 135.
The Full Federal Court decision, which now stands, had:
- upheld a decision that a joint venturer did not have a 50% equitable interest in the property, which was the subject of the joint venture,
- that the entity which held all the units in the other joint venturer did so in its own right, and
- that amounts discharging debts were not deductible.
This is the citation and link to the transcript of the High Court’s decision is [2021] HCASL 251.
[Tax Month – December 2021 – Previous 2021] 14.12.21 [LTN 240, 13/12/21]