The Federal Court of Australia on 19 April 2007 handed down its decision in GE Capital Finance Pty Ltd v Commissioner of Taxation [2007] FCA 558 rejecting the Commissioner's contentions that a tax treaty may be overridden by the Act which enacts that treaty. The case involved a unit trust, resident in Australia by virtue of the trustee being resident in Australia, deriving interest income from sources in Australia as well as carrying on a business in Australia. Under the trust deed, a sole beneficiary, resident in the USA, was entitled to all income of the trust. Australian interest withholding...