The FCAFC in Chevron upheld certain transfer pricing assessments1. Allsop CJ (at ) said it was ‘paramount to recognise the fiscal and commercial context’ of provisions – ‘To begin and end with the words of the statute does not reflect a call to narrow textualism … it is the words used by Parliament which frame the question of meaning … Context, however, is indispensable … It gives the place, the wholeness and the relational reality to words; it helps prevent linear thinking and sometimes beguilingly simple and attractive logic with words driving meaning to unrealistic and impractical ends; and it helps ascribe meaning conformable with commonsense and convenient purpose gained from the relevant part of the statute as a whole’. iTip – live by these words!
Joseph Ayoub – Tax Counsel Network
See here for the official PDF of interpretationNOW! Episode 23
In this episode:
Writers – Joseph Ayoub & Gordon Brysland. Producer – Michelle Janczarski.
1 Chevron Australia Holdings v FCT  FCAFC 62.