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  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.