The High Court said, at para 31:
"There is no sufficient warrant in the text of Div 13, its subject matter, scope and purpose, to conclude that the Commissioner was obliged to consider any one or more of the three matters relied on by the appellants (fairness and reasonableness to them in the application of the sub-section, absence of 'a tax avoidance purpose', and absence of 'a profit shifting motive'). It follows that those matters cannot present issues for the appeals and particulars would be otiose."
W.R. Carpenter Holdings Pty Limited v FCT; W.R. Carpenter Australia Pty Limited v FCT  HCA 33 (High Court; Gleeson CJ, Gummow, Kirby, Hayne, Heydon, Crennan and Kiefel JJ; 31 July 2008).
For a copy of the decision, go here