Responsible entities of managed investment schemes cannot include deferred tax assets in their net tangible assets calculations for the purposes of satisfying financial requirements under ASIC licence conditions, and ASIC licence conditions must be construed purposively in light of the regulatory objectives stated in RG 166.
The full text is available to signed-in members, including the 16 later cases that cite this judgment.
1 of the 16 citing cases carry a classified treatment. How each court treated it is available to signed-in members.