Company disallowed $25 million of carried forward tax losses
A lack of supporting evidence has led to a company failing to prove it was entitled to claim deductions for tax losses (totalling $25 million) the company incurred for a property development, most notably during the 1990 to 1995 income years.
The company then claimed these tax losses as deductions on its income tax returns for the 1996 to 2003 income years.