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The AAT has held that payments made by a retirement village operator to outgoing residents, based on the amount by which the contribution (in the form of a loan) advanced by the next incoming resident exceeds the contribution (similarly in the form of a loan that had been advanced by the outgoing resident (“the Loan Increment Adjustment”), was deductible to the retirement village operator under s 8-1 of ITAA 1997, in that they were expenses necessarily incurred in carrying on the operator's business and were not payments of capital or of a capital nature.

Retirement Village Operator and FCT [2013] AATA 887 (AAT, Professor Deutsch DP, 13 December 2013).

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