7 Oct 2009
WESTPAC BANKING CORPORATION V THE COMMISSIONER OF INLAND REVENUE HC AK CIV 2005-404-2843
- Citation
- openlaw-b3a7c590_1c25_4c5a_aa2c_03b4fb7eef4f.pdf
- Court
- High Court
The Court held that Westpac's guarantee procurement fees were not lawfully deductible and that the Koch, CSFB, Rabo 1 and Rabo 2 structured finance transactions (or parts of them) constituted tax avoidance arrangements under s BG 1; the Commissioner was entitled to counteract the tax advantages by reconstructing and disallowing the deductions claimed, and Westpac's challenges were dismissed.