Dabner, Justin (2013) [Paragrah 30] Bankers celebrate with Veuve at the Inter-Continental and then dine at Café Sydney. CCH Tax Week, 2013 (2).

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Abstract

No, this is not a celebrity magazine reporting on the hijinks of Sydney's merchant bankers but a reputable tax law weekly reporting on yet another questionable High Court tax decision. In Mills v FC of T 2012 ATC ¶20-360 (French CJ, Hayne, Kiefel, Bell and Gageler JJ, 14 November 2012), the court unanimously allowed an appeal from the decision of the Full Federal Court and set aside a determination of the Commissioner that no franking credit should arise in respect of distributions made on certain securities issued by the Commonwealth Bank. This permitted a financing scheme relying on a mismatch between the Australian and New Zealand tax systems to be successfully exploited. No doubt Christmas celebrations began early for the Bank and others involved with the arrangement.

Item ID:	33538
Item Type:	Article (Commentary)
ISSN:	1320-9426
Date Deposited:	04 Jun 2014 23:12
FoR Codes:	18 LAW AND LEGAL STUDIES > 1801 Law > 180125 Taxation Law @ 100%
SEO Codes:	97 EXPANDING KNOWLEDGE > 970118 Expanding Knowledge in Law and Legal Studies @ 100%
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