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The Financial Institution interest exemption under the US DTA

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Published on 01 Feb 08 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The Australian Taxation Office’s decision in ID 2007/2 considered the application of the exemption in the United States Double Taxation Agreement from source State taxation on interest paid to non-resident financial institutions. The decision considers the application of the exemption to a particular hybrid finance structure and denies the exemption based on an integrity measure in the treaty. The decision has important implications for cross-border hybrid finance. This article examines the reasoning behind the decision and questions whether the ATO has adopted an appropriate interpretation of these treaty provisions.

Author profile

Dr Philip Bender ATI
Dr Philip Bender, ATI is a barrister at the Victorian Bar. He is the author of Bender’s Australian Stamp Duties, published by the Tax Institute. He acts in Federal and State taxation, superannuation, and trusts and estates matters for taxpayers and revenue authorities. In the trusts area, he has acted in many taxation disputes involving trusts issues, and has acted in many trusts matters involving, amongst other topics, trust deed and will interpretation, alleged breaches of trust; trustee removal applications; judicial advice; charitable trusts; and superannuation death benefits disputes. - Current at 06 March 2023
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