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Commissioner’s appeal in FCT v Glencore Investment Pty Ltd


The decision of the Full Federal Court in FCT v Glencore Investment Pty Ltd reinforces the importance of facts and evidence, including lay and expert witnesses, for both taxpayers and the Commissioner in transfer pricing cases. The opportunity for the Commissioner to reconstruct international agreements to support transfer pricing adjustments appears to have been narrowed. However, it will be necessary to see how far that extends to transactions to which Subdiv 815-B ITAA97 could apply. The reduced reliance on the OECD guidelines is also of interest. A clear message is that transfer pricing is not an exact science and that there
will not generally be one perfect price. Rather, there will be an acceptable range. Regardless, the need for taxpayers to document and validate their positions remains unchanged and cannot be overstated.

Author profile

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 was a member of the instructing solicitor team working on the Placer Dome litigation. - Current at 26 June 2019
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