The battle for AXA's capital gain: Part 2
Source: The Tax Specialist Journal Article
Published Date: 1 Aug 2011
The two principal issues in the AXA Asia Pacific Holdings Limited case were, broadly, whether AXA dealt "at arm's length" with an investment bank in respect of a sale of shares to a non-wholly owned subsidiary of the bank, and whether the omission from AXA's assessable income of an amount equal to the resulting capital gain constituted a "tax benefit" within the meaning of Pt IVA of the Income Tax Assessment Act 1936. The taxpayer was successful on both points at first instance in the Federal Court and on appeal, and the High Court declined to hear a further appeal.
Part 1 of this article, which was published in the June 2011 issue of this journal, examined the facts of the case, and discussed whether the dealings were "at arm's length" and whether a "tax benefit" was obtained by AXA. Part 2, published here, discusses the High Court special leave proceedings, and examines in detail the potential for application of s 177D.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Aaron Corcoran
- Published On:1 Aug 2011
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page