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19 Nov 07 Decision Impact Statement - ABB Australia

The ATO has published a Decision Impact Statement in relation to ABB Australia Pty Ltd & Anor v FCT [2007] FCA 1063; 2007 ATC 4765. The case concerned a non-resident company's liability to withholding tax on a dividend declared by its Australian resident subsidiary company (ABB Australia) and paid to an unrelated Australian resident company pursuant to assignments of the right to receive the dividend. It was held by the Federal Court that the non-resident company was liable to withholding tax and that ABB Australia was obliged (but failed) to make a deduction of A$7,350,000 before the amount of A$49,000,000 was paid by ABB Australia as required by s 221YL(1) of the ITAA 1936. The ATO considers that the correct decision was reached by the Federal Court

For a copy of the Decision Impact Statement, go here

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