The founders of streetwear retailer City Beach have won a fight with the ATO over the taxation of a $52 million disposal of pre-capital gains tax assets.
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 High Court has denied special leave to a group of Queensland taxi drivers seeking compensation from the state for losses allegedly caused by ride sharing services like Uber, in a lawsuit a judge described as “fanciful”.
A group of Queensland taxi drivers has lost the bulk of a lawsuit seeking compensation from the state government for losses allegedly caused by ride sharing services like Uber, with a court dismissing the drivers’ claims as “fanciful”.