Re Sandbach and FCT – taxpayer appeals decision that the taxpayer could not use “threatened” losses from proceedings that had ended over a decade ago to reduce his taxable income to nil

The taxpayer has appealed to the Federal Court against the decision in Re Sandbach and FCT [2015] AATA 1024. In the case, the AAT affirmed default assessments (including penalties) issued by the Commissioner, finding that the taxpayer could not use “threatened” losses from proceedings that had ended over a decade ago to reduce his taxable income to nil.

[LTN 27,11/2/16]