Mark Robertson KC (with Mr JS Byrne) appeared for the Applicant, instructed by Macpherson Kelley Lawyers.
The court considered whether $33 million received by Cheung from his family’s supermarket business in Vanuatu constituted gifts from the family or transfers of income from the business. The appeal was allowed, the Court held that none of the payments constituted income. As such, the Commissioner of Taxation objection decision was set aside and in lieu thereof, Cheung’s objection be allowed and the matter remitted to the respondent for amendment and issuing of assessments, and the making of all necessary and consequential adjustments to penalties and interest charges.
The judgment can be read by clicking here
