30 Nov 06 Lack of full and true disclosure allows amended FBT assessmentThe AAT has upheld an amended FBT assessment issued by the Commissioner outside the 3 year limitation period because the taxpayer company failed to make a full and true disclosure in relation to a payment made to one of its directors. The payment was to reimburse the director for a contribution made by the director to a non-complying superannuation fund. In its FBT return, the taxpayer relied on the "otherwise deductible" rule to claim the taxable value of the expense payment fringe benefit was nil. Although some information about the payment was in the Commissioner's possession, lodged with the taxpayer's income tax return, the director's tax return and in a private ruling request made by the director, the AAT held that the Commissioner did not have enough information to ascertain the taxable value of the benefit: The Taxpayer and FCT  AATA 1013 (AAT, Purvis AM QC Deputy President, 28 November 2006).
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