09 Feb 15 Promoters of a tax exploitation scheme fined $1.5 million - Arnold
The Federal Court (Edmonds J) has fined the promoters of an AIDS pharmaceuticals scheme $1.5 million for breaching the promoter penalty provisions in contravention of s 290-50(1) of Sch 1 to the Taxation Administration Act 1953.
The court awarded civil penalties to the ATO against Stephen Arnold, Leaf Capital Pty Limited and Donors Without Boarders Limited because they attempted to exploit the tax system by generating deductions to which their clients were not entitled.
FCT v Arnold (No 2)  FCA 34 (Federal Court, Edmonds J, 4 February 2015).
For the Commissioner's media release about the decision, dated 6 February 2015, go here