The ATO on Mon 22.7.2013, released a Decision Impact Statement on the Full Federal Court’s decision in Rawson Finances Pty Ltd v FCT [2013] FCAFC 26. In that case, the Full Federal Court allowed a taxpayer’s appeal and held that amounts deposited in the taxpayer’s bank account from an overseas bank was not income but were loans, and that payments made in respect of the loans were deductible interest. The ATO broadly said there were no significant implications from the decision on other cases as the decision turned on particular facts in relation to the characteristics of the loan.
[LTN 139, 22/7/13]