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The ATO has issued a Decision Impact Statement in relation to the decision of the AAT in GHP 104 160 689 Pty Ltd and FCT [2014] AATA 515; 2014 ATC 10-373.

The case concerned whether certain expenditure was to be disallowed deductibility at the rate of 125% because it was 'feedstock expenditure' within the meaning of former s 73B(1) of ITAA 1936. The AAT held that part of the expenditure was not deductible on the basis that it was 'feedstock expenditure' but that the remainder was deductible

The Decision Impact Statement states that the ATO accepts the AAT's decision and will adopt its reasoning, where applicable, for the purposes of construing the definition of 'feedstock expenditure' in former s 73B(1) of the ITAA 1936.

The ATO also considers that the AAT's decision is of assistance in interpreting the feedstock adjustment provisions in s 355-465 of ITAA1997. The ATO will take the AAT's reasoning into account in applying those provisions to analogous cases.


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