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AAT disagrees with ATO on lump-sum assessment

AAT disagrees with ATO on lump-sum assessment

The Administrative Appeals Tribunal has reviewed a decision by the Commissioner of Taxation which ruled that a lump-sum payment made to a taxpayer by his insurers to settle claims made against them was fully assessable.

by Shared by Accountants Daily | Mar 12, 2019

AAT disagrees with ATO on lump-sum assessment

In the case of Kort and Commissioner of Taxation (Taxation) [2019] AATA 336, the applicant applied for a review of a decision made by the Commissioner of Taxation to disallow the applicant’s objection to a private binding ruling made on 17 August 2016.