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15 Mar 07 AAT decision on capital losses upheld - Price Street Professional Centre

The Federal Court (Collier J) has dismissed an appeal by the taxpayer from the decision of the AAT, which had held that losses incurred on the sale of real property were not deductible under the former s 51(1) ITAA 1936 and were not therefore available to be carried forward and offset against income of future years. The Federal Court also dismissed the taxpayer's appeal in relation to the 75% penalty imposed by the Commissioner. In relation to these and other matters raised by the taxpayer on appeal, the Federal Court held that the AAT had not erred in law in coming to its decision: Price Street Professional Centre Pty Ltd v Commissioner of Taxation [2007] FCA 345 (Federal Court, Collier J, 14 March 2007).

For a copy of the decision, go here

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