Full Court of Federal Court rebuts presumption of advancement – Commissioner of Taxation v Bosanac [2021] FCAFC 158

Introduction

A recent decision of the Full Court of the Federal Court of Australia has set a low water mark in rebutting the presumption of advancement. The decision has significant implications for professionals and businesspeople who have structured their affairs for asset protection, as well as bankruptcy trustees seeking to recover assets.

Administrators deprived of their right of indemnity