International money transfers treated as assessable income

The failure to properly document purported loans from a Chinese relative has seen the AAT affirm the Commissioner’s objection decision to treat the amounts as assessable income

It is quite common for individuals to borrow money overseas and transfer the funds into Australia. However, if the Taxpayers cannot provide sufficient documentation to prove that the source of the fund transfer is from genuine loans, the Commissioner of Taxation may seek to treat the amounts as assessable income.This was what had occurred in YPQF and Commissioner of Taxation (Taxation) [2019] AATA 518.  The case highlights the need to be able to explain the source of fund transfers from ...

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Authors: Clive Bird, Christina Levin

Published Date: 03 May 2019