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The ATO has issued a Decision Impact Statement in relation to the decision of the AAT in JCZC and FCT [2012] AATA 348; 2012 ATC 1-045.

The case concerned whether the taxpayer's position on a shortfall amount under the income tax law (arising from a disallowed claim made for deductions in relation to a yacht) was not reasonably arguable, and whether that amount also resulted from recklessness by the taxpayer or its agent.

The AAT refused to allow the taxpayer to withdraw a concession that the claim was not reasonably arguable. However, the AAT held that neither the taxpayer nor his tax agents were reckless in relation to the making of the claim.

The Decision Impact Statement states that the ATO accepts that it was reasonably open to the AAT, on the evidence before it, to find that neither the taxpayer nor his tax agents, had acted recklessly in relation to the claim for the relevant deductions in relation to the yacht.


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