Shortfall Penalties

Tax

The “objective” nature of shortfall penalties in “subjective” circumstances

Amanda Guruge, August 29 2022

This article was originally published in CCH Australian Tax Week Issue 34 (26 August 2022). With audits and reviews now in full-swing after COVID-19, we are seeing more and more clients who have had shortfall penalties imposed. As tax practitioners, we have the job of objecting to shortfall penalties that have been imposed – by explaining the taxpa...

Tax

Recent Court Decision on Shortfall Penalties

Amanda Guruge, June 13 2022

Automotive Invest v FC of T Facts The case concerned the Gosford Classic Car Museum, which housed over 400 vintage, veteran and modern cars. The museum was opened in 2016 and charged admission to visitors. However, unlike other museum, most of the items on display were actually available for sale, and this is where the museum made most of its...