The taxpayers have appealed to the Federal Court against the decision in Re Upson and FCT [2014] AATA 896. In that case, the AAT upheld default assessments against husband and wife taxpayers. In 2008, the Commissioner commenced an investigation into the affairs of the taxpayers which resulted in him issuing s 167 default assessments of the taxable income of each of the taxpayers for the 2004 to 2007 income years, totaling over $2.8m. Penalties were also imposed.
[LTN 24, 6/2/15]