Critically discuss the decision of the court in Federal Commissioner of Taxation v AXA Asia… 1 answer below »
“In my view there was an identity of interest in the transaction, as between AXA and Macquarie Bank, which was not simply that of vendor and purchaser. Macquarie Bank had, in effect, undertaken to assist AXA to dispose of AXA Health in a way which would minimise AXA’s capital gains tax exposure. They were to have an ongoing relationship with respect to any short-term profit on resale. Their relationship was not at arms length. Their dealings reflected that fact.”
Required:
Critically discuss the decision of the court in Federal Commissioner of Taxation v AXA Asia Pacific Holdings Ltd [2010] FCAFC 134 by considering the above extract from the decision of Dowsett J.
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