The High Court of Australia has confirmed that tax treaties do not prevent the Commissioner from bringing an assessment against a foreign limited partnership. Limited partners in treaty countries will need to rely on the Commissioner’s administrative practice to claim treaty benefits.
On 10 October 2014, the administrators of Lehman Brothers International (Europe) (LBIE) circulated their twelfth progress report (the Report) for the period from 15 March 2014 to 14 September 2014. On 29 October 2014, the administrators hosted a one-hour webinar, providing an update on the current progress of the administration, which included a question and answer session. This bulletin summarises some of the key issues raised in the Report and the webinar, and highlights other key recent developments.
The Privy Council has handed down a landmark decision in relation to Saad Investments Company Limited concerning the power at common law to provide assistance in cross-border insolvencies.