The ATO Fri 13.9.2013, released a Decision Impact Statement on the Full Federal Court’s decision in Gashi v FCT [2013] FCAFC 30. In that case, the Full Federal Court held that asset betterment assessments issued to husband and wife taxpayers should stand. It found the taxpayers did not discharge the onus of proving that one of more items in the Asset Betterment Statement was wrong or should not have been included. The taxpayers were subsequently refused special leave to appeal to the High Court. The ATO said the decision of the Full Court was consistent with its views on the operation of s 167 of the ITAA 1936, and on what is required by a taxpayer in a Pt IVC tax appeal to discharge the onus of showing that an assessment issued under s 167 is excessive.
[LTN 1??, 13/9/13]