INCOME TAX - assessable income - appeal against objection decision to disallow taxpayer's objection to notice of amended assessment - where taxpayer paid non-refundable deposit of $63,000 and claimed deduction of $420,000 from assessable income after entering into agreement to pay balance of $357,000 purchase price at uncertain future time when notice given that future property then deliverable - where Deputy Commissioner conceded deposit outgoing incurred in year of income - deductibility of balance of purchase price under s 8-1(1)(a) of Income Tax Assessment Act 1997 (Cth) - whether balance outgoing "incurred" in gaining or producing taxpayer's assessable income - whether liability to pay balance defeasible
INCOME TAX - assessable income - deductibility of outgoing under s 8-1(1)(b) of Income Tax Assessment Act 1997 (Cth) - whether whole, or part, of $420,000 outgoing necessarily incurred in carrying on taxpayer's business for purpose of gaining or producing assessable income - where outgoing made to acquire future property to be created in commercially speculative and unspecified projects - where taxpayer used outgoing as promotional tool - whether whole, or part, of outgoing appropriate and adapted for ends of taxpayer's business - whether sufficient connection between outgoing and taxpayer's business
INCOME TAX - whether taxpayer obtained tax benefit under s 8-1(1) of Income Tax Assessment Act 1997 (Cth) in connection with scheme to which Pt IVA of Income Tax Assessment Act 1936 (Cth) applied - whether "dominant purpose" of taxpayer, through its director or his professional advisors, entering into agreement was to obtain tax benefit of deduction of $420,000, or $63,000 - where subject matter of agreement priced at well above market price - where agreement lacked clarity and did not oblige vendor ever to deliver any property or complete transaction to trigger taxpayer's obligation to pay balance of purchase price - where agreement entered into shortly before end of tax year - where no evidence of taxpayer investigating other investment options
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