Billabong founder loses fight with ATO over $111M Plantic sale

Tax 2024-05-16 11:11 pm By Cindy Cameronne | Sydney

Billabong founder Gordon Merchant has lost his challenge to a decision by the ATO to increase his tax liability to $31 million, finding that he conducted a “wash sale” of his Billabong shares and engaged in dividend stripping on the sale of bio plastics manufacturer Plantic Technologies.