*Ferguson v FCT – Valid to lodge appeal to court on the substantive issue and an application to the AAT to review the shortfall penalty decision [18]

The Federal Court has dismissed the Commissioner’s application to strike out the taxpayer’s appeal to the Federal Court against the disallowance of objections to 2 amended assessments. The Commissioner sought the order on the basis that by the time the taxpayer had filed his appeal in the Court, the Commissioner had already commenced proceedings in…

*LVR (WA) Pty Ltd & Anor v AAT and FCT – AAT caught copying Commr’s submissions and Court ordered a different member to re-hear the case [16]

The Full Federal Court has allowed the taxpayers’ appeal from a 2011 Federal Court decision concerning their applications for review of the disallowance of objections to various income tax and GST assessments and penalty notices. The Taxpayers had made applications to have the AAT review decisions made by the Commissioner to disallow certain objections as…

*Meaning of ‘limited recourse debt’: Treasury releases discussion paper seeking views for Budget announcement to limit deductions when taxpayer not at risk [9]

Treasury has released a discussion paper seeking views on the 2012-13 Budget announcement to clarify the definition of limited recourse debt. As part of the 2012-13 Budget, the Government announced it would clarify that limited recourse debt includes arrangements where the creditor’s right to recover the debt is limited (contractually or otherwise) to the financed…