Tax advisers and firms promoting tax avoidance could face penalties of up to $780 million, as part of a suite of reforms the government is calling “the biggest crackdown on tax adviser misconduct in Australian history”.
The Commissioner of Taxation has appealed a judgment that found reinsurer Hannover life should be allowed tax credits for GST paid on a share of its overheads, including rent and power.
A PricewaterhouseCoopers partner who is suing the accounting firm for giving him the boot over a tax leaks scandal has won an interim injunction restraining the board of partners from forcing him to leave before his case is heard.
Senior EY partners have condemned PwC and attempted to distance the firm from the scandal that has rocked the industry, but its cleanskin claims were met with scepticism by senators, who questioned the failure to provide EY’s partnership deed and remuneration details.
A former law firm partner has lost his scrap with the Australian Taxation Office over exit payments he received on retirement, with a court ruling his $180,000 payout could not be offset against repayments made to the partnership’s capital account.
A court has blessed a trust’s settlement with Ernst & Young that resolves a negligence case linked to a decade-long tax dispute that went to the High Court, rejecting an objection to the deal and saying it was “time this matter was brought to a conclusion”.
The tax leaks scandal engulfing PricewaterhouseCoopers has been referred to the newly formed National Anti-Corruption Commission, as the accounting firm sacks eight partners for professional governance breaches.
A self-represented litigant locked in a legal battle with the ATO and Commonwealth Director of Public Prosecutions has won an appeal of a decision that set aside nine subpoenas she issued, including one to the Assistant Director of the CDPP, with the appeals court finding that the relevance of the evidence sought was enough to satisfy the application.
Hannover Life Re should be allowed tax credits for GST paid on a share of its overheads, including rent and power, a judge has found in a partial win for the reinsurer.
Nine has partially won its bid to include evidence about the reputation of Euro Pacific CEO Peter Schiff in an attempt to minimise the damages it will owe after abandoning its substantive defences in defamation proceedings by the bank boss.