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News: 22/08/2002 Drug dealer wins tax deduction

wazza

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Joined
Jun 24, 2001
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A PERTH heroin dealer can claim a $220,000 tax deduction for money stolen during a drug deal, a Federal Court has ruled.
Justice Robert Nicholson ruled yesterday that Francesco Domenico La Rosa earned his taxable income as a drug dealer, a newspaper reported.
This meant that La Rosa could claim as a tax deduction losses incurred during the conduct of his income earning - albeit illicit - business.
La Rosa was jailed for 12 years in 1996 for being involved in the importation of heroin and for possessing heroin, cocaine and amphetamines, the newspaper reported.
Meanwhile, the Australian Taxation Office has stepped in to calculate La Rosa's income because if found he had not filed a tax return for seven years.
La Rosa appealed to the Administrative Appeals Tribunal last year after the Tax office found he had a taxable income of $446,954 in 1994/95.
The Tax office then appealed when the tribunal found La Rosa could claim for a loss of $224,793, allegedly stolen during a drug deal.
The Federal Court upheld the decision yesterday, with Justice Nicholson rejecting the Tax office appeal.
"The occasion for the loss was the operation of that business," Justice Nicholson said, according to the newspaper report.
"It is arguably an anomaly to which Parliament should give attention."
From http://www.news.com.au/common/story_page/0,4057,4949456%255E1702,00.html
Very funny
 
You just made my day waz!!
"It is arguably an anomaly to which Parliament should give attention."
I doubt he'll get it in the end, but fuck it's funny to see a court ruling like that.
:)
 
Nice one!
If anyone's interested:
It is not uncommon for tax officers to observe criminal trials, particularly drug-related ones, because taxpayers are assessed on income received regardless of its source (legal or otherwise).
Thus, if you're into illegal activities like this gentleman, once your done by the courts for the headline offence, you can also be done for tax evasion as well.
Having said that, the tax law allows you to deduct expenses (or losses) incurred in carrying on your business - and this is what happened in this case.
[ 22 August 2002: Message edited by: roof_boy ]
 
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