Buzadzic and Commissioner of Taxation (Taxation) [2021] AATA 4820
TAXATION – income tax — whether taxpayer discharged onus of proof – where taxpayer received unexplained deposits – unverifiable credit entries in loan accounts from associated entities –– where taxpayer intermingled personal and business moneys — alleged discrepancies between opening and closing balances in loan accounts — absence of records — finding that accounts in name of one spouse belonged to the other spouse —Division 7A applied to unpaid loan balances –– fraud or evasion –– administrative penalties
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