Australia - Recent Australian Tax Case on Hybrid Bank Capital
- T. Toryanik
- Derivatives & Financial Instruments, 2013 (Volume 15), No 1
- 21 January 2013
While the particulars of Mills v. Commissioner of Taxation may be unique to the Australian tax system, it is the interplay between the prudential capital requirements, in accordance with which the capital was raised, and the desire of the ATO to protect the revenue against unfair, in the ATO’s view, outcomes by applying the general anti-avoidance rule that makes this case interesting to readers outside Australia.