As a reminder, he argued the tax debt should be forgiven as if he had to pay the $1.2 million, he would suffer the following “serious hardships”:
- He could no longer rent a house in one of Sydney’s nicest suburb (with a billiard room) at $95k a year;
- He could not spend over $110k a year sending his kids to one of the best private schools in Sydney;
- His kids would miss out on the learning and experiences of international holidays (in 2019 he spend over $63k on these);
- He and his wife would not be able to afford concerts and some of the best restaurants – he called them his “groceries, clothing and household costs” and spent $50k+ a year on these.
The AAT quickly agreed with the Commissioner that the debt should not be forgiven.
And now for the update… The taxpayer has appealed the decision to the Federal Court… Wow.