Tax: Resource Capital Fund III LP final orders made

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The Full Federal Court has made final orders in the litigation concerning Resource Capital Fund III LP’s exit from its Australian investment.

The taxpayer now has 28 days to determine whether it will lodge an application for special leave to appeal to the High Court of Australia. The decision is particularly relevant to large private equity houses with investments in the mining sector.

Pending any appeal, the Full Federal Court’s decision raises more questions than answers. The decision was in favour of the Tax

Commissioner and resulted in the denial of tax treaty benefits to United States resident investors in a Cayman Islands limited partnership with an investment in an Australian mining company.

In this edition of Corrs In Brief, we analyse the judgment and the implications for foreign private equity investors.


Click 'Download' to read the full article.

 


The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.


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Ivan Rubinstein

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+61 2 9210 6274

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