Miscellaneous 2010

BHPB Finance Limited, the Commissioner of Taxation and a perverse view

Source: Taxation In Australia Journal Article

Published Date: 1 Jun 2010

The Commissioner's argument to lift the corporate veil to treat a holding company as carrying on the business conducted by its subsidiary is dismissed as perverse. The tests for determining when an entity is carrying on a business of lending money is confirmed and the relevance of letters of comfort to an assessment of whether a debt is bad is considered. Division 243 and whether debt is non-recourse are also discussed.

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Miscellaneous 2010

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