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Billabong founder Gordon Merchant has won the ear of the High Court in his fight over what the ATO claims was a "wash sale" of his 10 million shares in the retailer, but the justices have also agreed to hear the tax office's appeal.
The founders of streetwear retailer City Beach have won a fight with the ATO over the taxation of a $52 million disposal of pre-capital gains tax assets.
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.
The High Court has denied special leave to a group of Queensland taxi drivers seeking compensation from the state for losses allegedly caused by ride sharing services like Uber, in a lawsuit a judge described as "fanciful".
A group of Queensland taxi drivers has lost the bulk of a lawsuit seeking compensation from the state government for losses allegedly caused by ride sharing services like Uber, with a court dismissing the drivers' claims as "fanciful".