The amended assessments added income of some $4 million that the Australian companies received from overseas sources, which taxpayers had claimed were loans.
In agreeing with the Commissioner, the Court majority held that it would not be appropriate to find that the taxpayers had provided the required proof that the payments were genuine loans; in fact, they had made inconsistent or “alternative” arguments about the nature of the payments.
This case again demonstrates – good evidence gives the taxpayer a chance (of winning a tax debate).
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