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 ATO has lost its appeal of a tribunal decision in favour of Perth land developer Tina Bazzo, with the court rejecting its “all or nothing” approach to a key provision of the Taxation Administration Act.
Scyne Advisory has resolved its case seeking to bar a former partner from working for the professional services arm of Downer EDI, in a confidential settlement the firm said acknowledged the need to protect information and uphold restraints.
A Senate committee has slammed PricewaterhouseCoopers for hiding behind legal professional privilege and refusing to release a report by law firm Linklaters into alleged wrongdoing by international partners, as the committee seeks more information about PwC partners involved in the firm’s leak of confidential Treasury information.
In a loss for the Australian Taxation Office, an appeals court has found that the Liberty Group’s use of corporate and trust ‘silos’ was not an unlawful tax avoidance scheme.
A former EY partner is trying again to keep their identity secret in proceedings brought by the Tax Office alleging they promoted tax exploitation schemes.
A client of EY has sued a former partner at the firm, accusing them of collecting $700,000 in secret payments as part of a tax loss scheme.
The Australian unit of drug giant Mylan has triumphed in a dispute with Australian Taxation Office, with a judge finding the ATO’s assessment for 2020 was “excessive” with respect to interest on loans to fund Mylan’s $1.2 billion acquisition of generic drug maker Alphapharm.
A judge has rejected sweeping suppression orders sought by the founders of vitamin giant Nature’s Care over documents in a $200 million tax debt stoush with the Deputy Commissioner of Taxation, instead making limited suppression orders in light of the “serious” allegations made in the case.
The minority shareholder in Sydney restaurant Machiavelli Ristorante Italiano has lost his bid to review the company books in anticipation of bringing a second winding up application, after the relationship between the restaurant’s co-owners broke down.