Haven’t posted for a long while but saw this and thought it’s an interesting read.
https://www.afr.com/policy/tax-and-...d-case-creating-a-budget-hole-20201108-p56cjw
The Australian Taxation Office is facing a budget black hole of more than $1.15 billion and the spectre of a class action after it lost one of the country’s most important and controversial tax cases on Friday.
“.....unanimously overturned a decision made in the Administrative Appeals Tribunal in relation to GST assessments issued to an entity in the precious metals industry. It also had a costs order of $1 million.”
“....With the case over it is expected to open the floodgates to damages claims by some industry operators that collapsed or suffered financially after being subjected to raids, garnishee notices, drawn-out litigation and a public smear campaign of the industry.”
https://www.afr.com/policy/tax-and-...d-case-creating-a-budget-hole-20201108-p56cjw
The Australian Taxation Office is facing a budget black hole of more than $1.15 billion and the spectre of a class action after it lost one of the country’s most important and controversial tax cases on Friday.
“.....unanimously overturned a decision made in the Administrative Appeals Tribunal in relation to GST assessments issued to an entity in the precious metals industry. It also had a costs order of $1 million.”
“....With the case over it is expected to open the floodgates to damages claims by some industry operators that collapsed or suffered financially after being subjected to raids, garnishee notices, drawn-out litigation and a public smear campaign of the industry.”
