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Dezfoolian and Commissioner of Taxation (Taxation) [2021] AATA 3991

TAXATION – INCOME TAX - foreign exchange losses – where applicant transferred funds to Iranian bank account – where exchange rate movements adversely affected the value of the applicant’s funds – where applicant failed to bring interest on the funds to account – where respondent agreed to change in conversion rate upon receipt of further information – decision varied only to that extent

TAXATION – ADMINISTRATIVE PENALTIES – penalty for false or misleading statement with no shortfall – penalty for false or misleading statement resulting in shortfall – lack of reasonable care – remission – decision affirmed

Full decision here


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