On 29.1.19, the Full Federal Court allowed the Commissioner’s appeal and found that BHP on the issue of whether it’s ‘dual-listed’ arrangements, with the UK Billiton company, made BHP subsidiaries, ‘associates’ of the Billiton entities, for Controlled Foreign Corporations (CFC) purposes. At issue was whether BHP had to return (under the CFC provisions) its share of profits made by its marketing hub, on commodities bought from the Billiton Subsidiaries.

The Commissioner had appealed an AAT decision in BHP’s favour (see related Tax Technical article) and the High Court has now given BHP special leave to appeal this decision (see related Tax Technical article).

See below, for details of this Full Federal Court decision.

FJM 17.5.19

[Tax Month – Jan-April 2019]

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