Australian tax ruling targets offshore hedge funds
Caymans Islands-domiciled Resource Capital Funds loses out in judgment by Federal Court of Australia
Offshore hedge funds could face higher tax bills in coming years after the Australian Taxation Office (ATO) won an important legal battle against a Cayman Islands fund last week.
The Federal Court of Australia ruled that Resource Capital Funds, a mining-focused private equity firm domiciled in the Cayman Islands, was liable to pay the tax on the capital gains of a recent share disposal.
Resource Capital Funds argued that it should be treated as a fiscally transparent entity according to US law
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