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The ATO has issued a Decision Impact Statement in relation to the decision of the AAT in The Employed Accountant and FCT [2012] AATA 770; 2012 ATC 1-049.

The case concerned whether reasonably regular deposits made into the taxpayer's bank account constituted assessable income of the taxpayer. The amounts were misappropriated by the taxpayer from amounts due to clients of his employer.

The AAT held that the misappropriated amounts deposited in the taxpayer's bank account did not constitute assessable income of the taxpayer because the taxpayer was not beneficially entitled to those amounts.

The Decision Impact Statement states that AAT's decision will have no impact on other cases.


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