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25 Nov 13 Decision Impact Statement - Fitzroy Services

The ATO has published a Decision Impact Statement in relation to the decision of the Federal Court in Fitzroy Services Pty Limited v FCT [2013] FCA 471; 2013 ATC 20-394.

The case concerned the deductibility of "interest and bank fees" and "Management fees"; as well as whether a loan or loans were a sham.

The Court held that the loans were not a sham, but the outgoings were not deductible.

The Commissioner considers the Court's application of the law to the facts to be uncontroversial and therefore correct.

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