The ATO has put out its position on both the original tax deduction and the deductibility of the interest.
as we could not have reasonably foreseen the wind up of the schemes when the investment was made the original deduction and the interest deductibility stands.
Remember, the ATO issued the majority of Product Rulings on the basis that investors were carrying on a business. the ATO view did not comment on the likely commercial success of that venture and like any business there was a possibility of it being a dud.
I am comfortable with the majority of my deductions ex- 2008 only where I would maintain GTP can have my trees and my loan back - they didnt do what they said they were going to do which was plant trees with my money.
therefore, void the investment and i will amend my 2008 tax return and pay back the tax.
A far better position for me that paying more than twice that amount to the crooks who sold it too me
GTP Price at posting:
12.0¢ Sentiment: Sell Disclosure: Held
