Full Federal Court overturns Resource Capital Fund III LP case
By Joanne Dunne
On 3 April 2014, the Full Federal Court issued its judgment in Commissioner of Taxation v Resource Capital Fund III LP  FCAFC 37, overturning the Federal Court’s judgment (reported at  FCA 363).
This case is significant because the main issue it considers relates to the treatment of a partnership that is tax transparent in one jurisdiction and taxable in another, and the application of a double tax treaty. This issue has not before been the subject of judicial consideration in Australia or in any other jurisdiction.
Resource Capital Fund III LP was a limited partnership formed in the Cayman Islands. The limited partners were in vast majority (approximately 97 per cent) resident in the US, and the general partner was a Cayman Islands resident entity. It is unclear where the remaining limited partners were resident, and this is not discussed in the case…
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