Business Services Industry
[1918] Taxpayer loses battle with Tax Office re $1m+ tax debt.
Australasian Business Intelligence, November, 2005
Byline: Terry Hayes
Nov 29, 2005 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Federal Magistrates Court has rejected an Australian taxpayer's application for an adjournment of the hearing of a creditor's petition. The taxpayer objected to an amended tax assessment issued by the Australian Taxation Office (ATO), which resulted in a tax debt of over $A1.1 million.The ATO amended its assessment after finding that the taxpayer failed to declare all of
his assessable income. The taxpayer argued that he accumulated the wealth through horse gambling and share investments. The court found that the taxpayer's application was not based on genuine grounds.
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