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Wing and Commissioner of Taxation (Taxation) [2019] AATA 5547

Taxation – Income tax – Division 7A of the Income Tax Assessment Act 1936 –assessable income – small business CGT rollover concession under Division 152 of the Income Tax Assessment Act 1997 not available – exemptions under ss109J and 109M of the Income Tax Assessment Act 1936 not established – no grounds established to convert into a loan complying with the requirements of s 109N of the Income Tax Assessment Act 1936 - no basis for exercising a discretion under s 109RB of the Income Tax Assessment Act 1936 - Shortfall penalty under s 284-75 of the Taxation Administration Act 1953.
 

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