Commissioner of Taxation v BHP Billiton Finance Limited [2010] FCAFC 25

FEDERAL COURT OF AUSTRALIA

Commissioner of Taxation v BHP Billiton Finance Limited [2010] FCAFC 25

Citation: Commissioner of Taxation v BHP Billiton Finance Limited [2010] FCAFC 25

Appeal from: BHP Billiton Finance Limited v Commissioner of Taxation [2009] FCA 276

Parties: THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA v BHP BILLITON FINANCE LIMITED

File numbers: VID 270 of 2009 VID 271 of 2009 VID 274 of 2009 VID 289 of 2009 VID 290 of 2009

Parties: THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA v BHP BILLITON LIMITED

File numbers: VID 291 of 2009 VID 292 of 2009 VID 293 of 2009 VID 294 of 2009 VID 295 of 2009 VID 296 of 2009 VID 299 of 2009 VID 300 of 2009

Judges: SUNDBERG, STONE AND EDMONDS JJ

Date of judgment: 17 March 2010

Catchwords: TAXATION – deductions claimed for writing off bad debts arising from loans made to related companies by group finance company – whether group finance company was carrying on the business of lending money – whether relevant loans were made in the ordinary course of that business – held deductions allowable under ss 25-35(1)(a) and 8-1 of Income Tax Assessment Act 1997 (Cth)

TAXATION – whether Commissioner has power to make a determination under s 177F in reliance on an anterior assessment without issuing an amended assessment amending the taxable income and the tax payable thereon – construction of s 169A(3) of Income Tax Assessment Act 1936 (Cth) – held the Commissioner had power.