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09 Aug 077 Decision Impact Statement - GE Capital Finance

The ATO has published a Decision Impact Statement in relation to GE Capital Finance Pty Ltd (as trustee for the Highland Finance Unit Trust) v FCT [2007] FCA 558. The case examined whether interest income to which a non resident beneficiary is presently entitled, should be assessed to the trustee at the corporate rate of 30% or at the withholding rate of 10%.

The Commissioner accepts the decision of Middleton J of the Federal Court that the operation of the withholding tax provisions is not affected by s 3(11) of the International Tax Agreements Act 1953 (Cth) where the treaty party resident beneficiary is deemed to carry on, through an Australian PE of the beneficiary, the business carried on in Australia by the trustee.

For a copy of the Decision Impact Statement, go here

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