TAXATION – appeal from objection decision – tax payer alleging real property first held as trading stock years after its acquisition – Commissioner for Taxation assessing the tax payer’s liability to pay tax on the basis that the Property was held as trading stock from the date that it was acquired – amended assessments – onus upon tax payer to show that the amended assessments were excessive – onus on the tax payer to show what the assessments should have been – tax payer basing his factual case on two alternate dates – tax payer not proving that case to the requisite standard – tax payer not having valuation evidence sufficient to prove any other alternate case – no obligation on the Court to make a finding of any alternate date on which the requisite purpose first arose – tax payer’s liability could in any event arise by reason of the Property being acquired as part of a profit making scheme whether or not it met the description of trading stock – appeal from objection decision dismissed
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2023/2023fca0971
For more information, see the original judgement.
