LOANS were SHAMS: The taxpayers have applied for special leave to appeal to the High Court against the Full Federal Court decision in FCT v Normandy Finance and Investments Asia Pty Ltd & Ors [2016] FCAFC 180. In a majority decision, the Full Federal Court had allowed the Commissioner’s appeal and found that it was not open to the judge at first instance to find that payments of around $4 million made from a foreign company to its Australian subsidiary and other related companies were genuine loans (and not “shams”). See the related TT Article.
PRIVATE RULING REQUEST: The Commissioner has appealed to the Full Federal Court against decision in Hacon v FCT [2017] FCA 659. The Federal Court had held that the Commissioner’s decision to decline to make a private ruling requested by the taxpayers be quashed. See the related TT Article.
AVOIDING PAYG; SHAM: The taxpayers have appealed to the Full Federal Court against decision in Sunraysia Harvesting Contractors Pty Ltd (Trustee) & Ors v FCT [2017] FCA 694. The Federal Court had dismissed the taxpayers’ appeals against a 2015 AAT decision concerning an arrangement to avoid PAYG deductions. The ATO argued the arrangements constituted a sham.
DEFAULT ASSESSMENTS: The taxpayer has appealed to the Federal Court against the decision in Peter Sleiman Investments Pty Ltd as Trustee for The Sleiman Family Trust v FCT [2017] AATA 999. The AAT had dismissed the taxpayer’s appeal against default assessments totalling just over $1.7 million on the basis that the taxpayer failed to prove the assessments were excessive or otherwise incorrect.
[LTN 141, 27/7/17]