TAXATION – LAW AND LEGISLATION – AUSTRALIA

‘Kidnap’ exemption to be introduced to Parliament

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Original article by Joanna Mather
The Australian Financial Review – Page: 11 : 20-Aug-15

Assistant Treasurer Josh Frydenberg has convinced some crossbench senators to support legislation that will exempt about 1,000 private companies from revealing their tax affairs. Independent senator Nick Xenophon is the latest to agree to the "kidnap" exemption, so called because some owners of private companies fear they will be crime targets if their fortunes are revealed. With the Australian Labor Party and Australian Greens opposing the change, the government needs six of the eight crossbenchers to support its bill.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, TEYS BROS (HOLDINGS) PTY LTD, AUSTRALIAN TAXATION OFFICE, BUSINESS COUNCIL OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Fears spur rethink on tax transparency

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Original article by Nassim Khadem
The Australian Financial Review – Page: 7 : 5-Dec-14

The Australian Government will consider concerns raised by privacy groups and wealthy individuals about the new tax disclosure laws. Under the changes, which will come into effect in July 2015, the Australian Taxation Office will publish information about the taxes paid by 1,600 public and private companies with $A100 million or more in annual turnover. Wealthy business owners oppose the new laws because they fear they could be kidnapped if criminals find out how wealthy they are

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, CLAYTON UTZ, ERNST AND YOUNG, APPLE INCORPORATED, GOOGLE INCORPORATED, LIBERAL PARTY OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, DELOITTE TOUCHE TOHMATSU LIMITED

Nudie boss lied, taxman claims

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Original article by Ben Butler, Leo Shanahan
The Australian – Page: 21 : 14-Oct-14

The family of ex-Nudie Juice CEO Andrew Binetter scored a victory over the Australian Taxation Office (ATO) in 2013, as a previous ruling by Federal Court judge Richard Edmonds was overturned. The case relates to alleged use of overseas tax havens by Binetter, uncovered in the "Project Wickenby" multi-agency investigation. The ATO now says it has found new evidence and may appeal the court’s decision, and it also claims Binetter committed perjury. Thomas Arnold of law firm Maddocks is acting on behalf of the ATO

CORPORATES
NUDIE PTY LTD, AUSTRALIAN TAXATION OFFICE, FEDERAL COURT OF AUSTRALIA, MADDOCKS, AUSTRALIA. ADMINISTRATIVE APPEALS TRIBUNAL, MERCANTILE DISCOUNT BANK LIMITED, RAWSON FINANCES PTY LTD, SIGNET LAWYERS PTY LTD, BCI FINANCES PTY LTD, BANK HAPOALIM

ATO freezes assets of Perth investor

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Original article by Sarah Danckert
The Australian – Page: 17 : 18-Aug-14

The directors of Swiss entity Growth Investment Fund have been ordered by the Federal Court of Australia to comply with an assets freeze order sought by the Australian Taxation Office (ATO). The agency says there is an outstanding tax liability of $A14m, and the move applies to a stock portfolio worth $A9.5m as well as a total of four bank accounts held in Australia, France and Switzerland. It is believed the ATO’s action stems from a "Project Wickenby" investigation of a Perth-based investor

CORPORATES
GROWTH INVESTMENT FUND, AUSTRALIAN TAXATION OFFICE, FEDERAL COURT OF AUSTRALIA, WESFARMERS LIMITED – ASX WES, COCA-COLA AMATIL LIMITED – ASX CCL, REGIS RESOURCES LIMITED – ASX RRL, EMPIRED LIMITED – ASX EPD, EUROZ LIMITED – ASX EZL, EUROZ SECURITIES LIMITED, MONAVAL VERMOGENSVERWALTUNGS AG, ZERO NOMINEES PTY LTD

Bikie trucking firms rip off millions

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Original article by Noel Towell
The Sydney Morning Herald – Page: 6 : 7-Jul-14

Australian Federal Police and Australian Taxation Office (ATO) investigators are unhappy that no criminal charges are being laid against outlaw motorcycle gang members accused of illegally gaining diesel fuel rebates. An associate of the Hells Angels allegedly controlled an accounting firm that lodged the false rebate claims, for trucking firms that either did not exist or vastly overstated the number of trips they made. While no criminal prosecution is underway, the ATO has launched a civil case in the Federal Court to recover some of the funds it paid out

CORPORATES
HELLS ANGELS MOTORCYCLE CORPORATION, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, FEDERAL COURT OF AUSTRALIA