Has anyone heard of the current situation with the ato court case.
DomHi Daaj,
The umpires are still deliberating – there decision was due (anticipated?) to be handed down in May of this year.
If this is still the case then we should hear somethig shortly.
If the ATO loses their appeal stand by for some massive rejigging of mortgages and the release of new banking products in line with the decision.
But for now hold your breath and be patient[exhappy]
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
But also stand by for some changes in the legislation![grrr]
Cheers
MelCan somone describe the court case in question?
May God prosper you always.[biggrin]
MarcHi Marc,
Go to the ATO website and do a search in the legal database under ‘Harts’.
At the heart of the case is whether or not investors should be able to allow their investment property loans to ‘capitalise’.
Harts are arguing they had a finance structure that legitimised the concept and are fighting tooth and nail to get a ruling in their favour. On the other hand the ATO is fighting to have the procedure disallowed.
At the moment the Harts have their noses in front but the ATO launched an appeal – the appeal is waht we are waiting for.
See also http://www.wealthoptimiser.com formore information about the specific loan package.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanks for that Derek. I’d heard about the case last year and was wondering what the outcome was.
I know the NZ Inland Revenue Dept is keeping a close eye on this. Now I’ll be able to check for myself.
Cheers
Jeff
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