A CONVICTED heroin dealer will be allowed to claim a $220,000 tax deduction for money he lost during a drug deal, the Federal Court has ruled.
The ruling in favor of Perth man Francesco Dominico La Rosa is the culmination of a long-running saga between Mr La Rosa and the Australian Tax Office, which began when Mr La Rosa was serving a 12-year jail term for dealing heroin and amphetamines.
The ATO has been trying to make Mr La Rosa pay tax on his 1994-95 assessable income, which it estimated amounted to $446,954.
But Mr La Rosa insisted his taxable income should be reduced for that year - because it included a sum of $224,793, which had been stolen during a drug deal that went awry in 1995.
[...]
The ATO then appealed to the Full Court of the Federal Court - which yesterday dismissed that appeal.
atleast it's not one of those "activist" rulings that get junior so upset
No comments:
Post a Comment