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 [2014] FCAFC 37, overturning the Federal Court’s judgment (reported at [2013] 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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