The founder of surfwear brand Billabong has lost his bid to overturn the Tax Office’s order that he and his companies cough up an extra $50 million in tax after advice he took from EY Australia to minimise his bill backfired.
Gordon Merchant – who is separately suing EY and the firm’s private tax leader, Ian Burgess, alleging negligent advice – and his companies were found by Federal Court Justice Thomas Thawley last week to have engaged in tax-minimising strategies to offset $85 million in capital gains from the $111 million sale of bioplastics manufacturer Plantic Technologies in 2015.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
