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XPQZ, KYZC, DHJP and Commissioner of Taxation (Taxation) [2020] AATA 1014

TAXATION – tax treatment of gains on sale and exchange of shares – whether gains income according to ordinary concepts or capital gains – where sole director and shareholder of trustee company that acquired the shares was a director of the company in which the shares were acquired – whether shares acquired in a business operation or commercial dealing pursued by the trustee and director – held gains are income according to ordinary concepts – application for review dismissed

TAXATION – administrative penalties – recklessness – whether taxpayer’s position reasonably arguable – where limited evidence of circumstances surrounding preparation of returns – penalty upheld

Full decision here

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