Resource Capital Fund III LP v FCT: Some what ifs
Source: The Tax Specialist Journal Article
Published Date: 1 Aug 2013
The decision of the Federal Court of Australia in Resource Capital Fund III LP v FCT, handed down on 26 April 2013, was about the taxation of a capital gain made by a foreign investor when it bought and then sold shares in an Australian mining company. Issues dealt with included the application of the US/Australia tax treaty to a limited partnership, and asset classification and valuation issues under the taxable Australian real property (TARP) rules.
This article considers the facts and issues in the case in detail, and examines its implications. In the author’s view, the decision is important in relation to the interaction of Australian domestic tax law and tax treaties. On the TARP issue, while announced changes to the TARP rules for intangible assets such as mining information will stop the decision’s potential to erode Australia’s CGT base in respect of mining companies, the decision is important in its approach to
valuation of assets under the TARP rules.
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: Ken Lord CTA
- Published On:1 Aug 2013
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