The question whether the central management and control of a SPV is located in the home jurisdiction which is providing directions, is under review in Australia

An Australian decision (Esquire Nominees, [1973] HCA 67) appeared to establish that the central management and control of an offshore company was where the board of directors met and made their decisions, notwithstanding that they did not take actions on their own and were implementing a plan of Australian accountants. The correctness of this proposition was doubted recently in Hua Wang Bank Berhad, [2014] FCA 1392, which apparently now is under appeal to the Full Court.

Neal Armstrong. Summary of Joel A. Nitikman, "Central Management and Control and the Rule in Esquire Nominees: Where are we after Hua Wang Bank Berhad?", International Tax Planning, Federated Press, Vol. XX, No. 1, 2015, p. 1368 under s. 2(1).