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03 May 07 Deductions denied for Base Metals Exploration and Prospecting Project

In 5 cases involving separate taxpayers, the AAT has upheld assessments denying the taxpayers deductions for management fees and interest incurred in relation to the Base Metals Exploration and Prospecting Project. The AAT held that the amounts were not deductible under either s 8-1 or s 330-15 ITAA 1997. Alternatively, if the amounts were deductible under s 330-15, the allowable amount was reduced to nil pursuant to s 79D of ITAA1936. Alternatively, if the amounts were allowable under either section, Part IVA applied to deny the deductions. The relevant decisions are as follows:

"The Taxpayer" and FCT [2007] AATA 1281 (AAT, Sweidan SM, 30 April 2007)
"The Taxpayer" and FCT [2007] AATA 1280 (AAT, Sweidan SM, 30 April 2007)
"The Taxpayer" and FCT [2007] AATA 1279 (AAT, Sweidan SM, 30 April 2007)
"The Taxpayer" and FCT [2007] AATA 1278 (AAT, Sweidan SM, 30 April 2007)
"The Taxpayer" and FCT [2007] AATA 1277 (AAT, Sweidan SM, 30 April 2007)

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