The taxpayers have lodged notices of appeal to the Federal Court against the decision in AAT Case [2013] AATA 40, Re Bayconnection Property Developments Pty Ltd and Ors and FCT. The AAT had held that 5 company taxpayers were not carrying on enterprise and were therefore not entitled to input tax credits claims for tax periods ranging from February 2005 to January 2009. It also affirmed the 75% penalty that had been imposed, with a 20% uplift for the relevant periods.
[LTN 35, 21/2/13]