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09 Sep 10 Special leave to appeal granted on limited recourse (Div 243) issue - BHP

On 3 September 2010, the High Court (French CJ, Crennan and Bell JJ) granted the Commissioner special leave to appeal against the decision of the Full Federal Court in FCT v BHP Billiton Finance Limited [2010] FCAFC 25 (Sundberg, Stone and Edmonds JJ; 17 March 2010), which had held that Div 243 ITAA 1997 did not apply to deny the taxpayer a deduction for a debt of $1,845,833,281.34 that had been written off as bad, because it was not a limited recourse debt.

However, the High Court refused the Commissioner special leave to appeal against that part of the decision of the Full Federal Court that had held that Part IVA ITAA 1936 did not apply to deny the taxpayer a deduction for a debt of $310,881,702.40 that had also been written off as bad.

For a copy of the transcript of the special leave hearing, go here.

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