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There is an age-old adage that "bad facts make bad law", which in the world of tax jurisprudence has proven to be the case time and time again. However, every so often, from a particular and curious set of facts can emerge principles that help clarify an otherwise confusing and often contradictory set of judicial principles.
Recent amendments to Australia's thin capitalisation rules in Division 820 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997) to implement new earnings-based tests for general class investors (A&M's summary of the general changes is here 1) have resulted in complexity within the financial services sector, despite the existing thin capitalisation tests for ADIs and financial entities being largely retained.
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