The ATO on Thur 20.12.2012, released 2 Decision Impact Statements on the following cases:
- [2012] FCAFC 109 – the Full Federal Court had upheld a decision that an Mitsui & Co (Australia) Ltd v FCTauthorisation to explore for petroleum and an authorisation to recover petroleum, conferred as a consequence of the grant of a production licence, were not separate depreciating assets. The ATO said the Full Court’s conclusions on the identification of the relevant depreciating asset for the purposes of Div 40 of the ITAA 1997 arising from the grant of the production license were consistent with the ATO’s submissions in the case.
- AAT Case [2012] AATA 755, Re Building Company Owner and FCT – In its decision, the AAT exercised the discretion to disregard the operation of Div 7A on the grounds there was an honest mistake in not properly documenting loans by a private company to a shareholder. The ATO said the case was decided on its facts.
[LTN 247, 20/12]