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21 Jan 08 Incentive payments income, not loans - National Mortgage

The Federal Court (Dowsett J) has held that payments made by a bank to the taxpayer, a mortgage manager, and described as "incentive fees", were correctly treated by the Commissioner as income. The taxpayer's assertion that the payments were loans, or were payments for services to be performed in the future, was rejected on the basis of lack of evidence: National Mortgage Company Pty Ltd ACN 074 351 796 v FCT [2008] FCA 9 (Federal Court, Dowsett J, 15 January 2008).

For a copy of the decision, go here

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