FCT v Rawson Finances Pty Ltd – taxpayer against decision that it failed to discharge its onus of showing deposits not income [32]

The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Edmonds J in FCT v Rawson Finances Pty Ltd [2012] FCA 753. The Federal Court had allowed the Commissioner’s appeal and held that the taxpayer had not discharged the onus of proving that amounts of over $4.75m deposited in its bank account from an overseas bank was not income, nor that payments made in respect of the loans were deductible interest.

[LTN 155, 13/8]