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The attribution of income, losses and outgoings to foreign permanent establishments of Australian banks paper


This paper covers:

Australian outbound perspectives:

  • the domestic law framework: s 23AH, FITO rules and withholding tax rules
  • relevance of tax treaties and OECD guidelines to the attribution of profits to a foreign branch
  • the effect of intra-entity dealings (Max Factor decision, ATO rulings, treatment of intra-entity risk transfers)
  • Australian implications of capital attribution rules in foreign jurisdictions
  • what difference would adopting a functionally separate entity approach make?

Australian inbound perspectives:

  • the tax classification of the Australian branch
  • the recognition of intra-entity dealings
  • interaction between domestic rules and treaties
  • potential interaction with other rules, especially thin capitalisation and withholding tax
  • potential alternatives and approaches adopted in other jurisdictions.

Author profile:

Ian Fullerton CTA
Ian is a Consultant in the Tax group of Ashurst in Sydney. He joined the firm in 2012 after 14 years in group tax and institutional banking roles at two major Australian banks. At Ashurst, Ian advises on the tax aspects of a range of banking and corporate activities and has been involved with industry submissions on various cross-border tax issues, including the operation of the new transfer pricing rules. He is an author of the Thomson Reuters Australian Tax Handbook with responsibility for chapters on debt and equity, financial transactions, asset financing, trusts and tax planning and he is the author of the Tax chapter in Ford & Lee: The Law of Trusts. Current at 15 October 2014 Click here to expand/collapse more articles by Ian FULLERTON.

This was presented at 2013 Financial Services Tax Conference.

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