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12 Aug 10 Decision Impact Statement - Tasman Group Services

The ATO has issued a Decision Impact Statement  in relation to the Full Federal Court decision in FCT v Tasman Group Services Pty Ltd [2009] FCAFC 148; 180 FCR 128; 74 ATR 739; 2009 ATC 20-138. The case concerned the application of the commercial debt forgiveness provisions in Division 245 of Schedule 2C of ITAA 1936 to debts of a resident subsidiary company forgiven by its non-resident parent. The taxpayer's application for special leave to appeal to the High Court was refused on 23 April 2010.

The ATO states that the decision is consistent with the Commissioner's view that amounts owed under the loans were commercial debts that were forgiven by the parent. The Commissioner also agrees with the finding of the Full Federal Court that on the facts of this particular case the parent did not use the debts in carrying on any business through a permanent establishment in Australia.


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