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In this episode of the Herbert Smith Freehills Kramer Tax Podcast, Tax Bites, partner Toby Eggleston, Associate Dan Beratis, and Ryan Leslie delve into the Full Federal Court's decision...
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In this episode of the Herbert Smith Freehills Kramer Tax
Podcast, Tax Bites, partner Toby Eggleston, Associate Dan Beratis, and Ryan Leslie delve into the Full Federal
Court's decision in the Commissioner of Taxation v Hicks
case.
They discuss the background, facts, and history of the case,
which involved a fashion retail business named City Beach, its
restructure, and the tax implications under Section 45B and Part
IVA of the 1936 Act. The episode covers the court's reasoning,
the taxpayer's and commissioner's arguments, and key
takeaways from the case, including the interpretation of Section
45B, the role of purpose in tax legislation, and the application of
anti-avoidance rules. Additionally, insights from the recent
PepsiCo decision and the potential impacts on future tax cases are
explored.
00:10 Introduction and welcome
00:29 Case background and facts
02:53 Restructure details
04:40 Commissioner's response
06:35 Full Federal Court's reasoning
07:51 Section 45B analysis
17:41 Part IVA analysis
24:10 Conclusion and final thoughts
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
