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

Taxation in Australia | 1 Jun 10
 
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Published on 01 Jun 10 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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.

Author profiles

Sue Williamson CTA-Life
Sue is a partner at EY specialising in tax controversy. Sue has worked in tax for more than 25 years including roles in major law firms and executive roles within the firms in which she has been a partner. Sue was the President of The Tax Institute in 2008, has been a member of several advisory boards, has participated in many consultative forums and lectures in the University of Melbourne Masters of Law program. Sue sees a focus on inclusivity in terms of both gender and culture as today’s leadership challenge, with the need to focus on making people understand their subconscious bias and identifying strategies to overcome it, requiring awareness and change at the individual level and significant cultural change at the organisational level. - Current at 08 January 2019
Click here to expand/collapse more articles by Sue WILLIAMSON.
Ann-Maree Ventura FTI
Ann-Maree is a Lawyer with Clayton Utz. - Current at 01 June 2010

 

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