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02 Dec 09 Deductions for bad debts, interest and loss transfers within group allowed - Ashwick

The Full Federal Court (Ryan J) has upheld appeals by the taxpayers (companies in the Foster's Group) against the Commissioner's disallowance of objections relating to claims for deductions for bad debts written off (being debts owed to finance companies in the Foster's Group by other Group members), interest expenses incurred by borrower companies within the Foster’s Group, and losses transferred  by members of the Foster's Group to other members within the Foster's Group. His Honour also rejected the Commissioner's arguments that Part IVA operated to deny the deductions otherwise allowable: Ashwick (Qld) No 127 Pty Ltd (ACN 010 577 456) v FCT [2009] FCA 1388 (Federal Court, Ryan J, 26 November 2009).

For a copy of the decision, go here

 


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