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Australian Court Holds Interest Income of CFC to be Reported as Derived on Accruals Basis

|Approved Changes|Australia
Australia

A decision of the Federal Court of Australia has been published concerning whether interest income of a CFC should be reported as derived for tax purposes on an accruals (earnings) basis or a cash (receipts) basis. The case involves News Australia Holdings Pty Ltd. as the provisional head company of a group that included SRC Holdings Limited, a controlled foreign company in the Cayman Islands,…

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