The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Gordon J in Pratt Holdings Proprietary Limited v FCT [2012] FCA 1075. In that case, the Federal Court held that the taxpayer was not entitled to deduct a loss transferred to it from a related joint venture company in respect of a project to explore certain mining exploration tenements, because of retrospective legislation, which the Court held over-rode an otherwise binding private ruling saying that the loss would be deductible.
[LTN 208, 26/10]