Tax

Members of the Binetter family have sued the trustees of a Nudie Juice co-founder Emil Binetter’s estate for settlement details over debts claimed against the family in a bid to extinguish any judgment debt against the estate, a court has heard.

Tabcorp-owned Tatts Group has appealed a finding from the Commissioner of Taxation that it cannot deduct a $120 million lotto licence from it assessable income for the 2017 financial year.

Lex Greensill will need to pay tax on $58 million in capital gains, after losing a challenge to a tax assessment which included non-Australian gains from the sale of Greensill shares distributed to the founder of the collapsed collapsed UK-based supply-chain finance firm.

Investors who entrusted their retirement savings to deceased fraudster Melissa Caddick may launch a class action against the auditors that signed off on financial statements for the funds.

The High Court has denied the ATO's request that it weigh in on Australia's transfer pricing regime, leaving in place a Full Court victory for mining giant Glencore that left it paying $2 million of a $92 million bill relating to the sale of copper from a mine in Cobar, NSW.

Fossil fuel giant Shell Australia has partially won a challenge to a tax office decision denying deductions claimed over an acquisition the increased the company's stake in Woodside Energy's Browse Basin gas exploration joint venture project.

Lawyers welcomed the government's "overdue" announcement of a so-called patent box that will slash the tax rate on income derived from patented drug and biotech inventions developed in Australia, but called on the government to apply the regime to other sectors.

Members of the Binetter family have filed proceedings against the bankruptcy trustees for the estate of Emil Binetter, the late founder of juice company Nudie, seeking documents on settlements they have reached in cases over debts or losses claimed against the family.

A unit of coal mining company Futura Resources has failed to convince the Full Federal Court to allow it to register a 2012 coking coal mine investigation conducted in Central Queensland for a research and development tax offset.

Tabcorp-owned Tatts Group has launched legal proceedings against the Australian Taxation Office seeking to set aside an "excessive" decision barring over $393 million in tax deductions for 2013 when the company was master agent of SA Lotteries.