National Australia Bank has urged a court to impose a $15 million penalty for its five-year failure to adequately disclose its adviser fees, and has argued ASIC’s push for a steeper penalty goes too far.
National Australia Bank has admitted in court it broke the law by charging fees it was not entitled to collect, but the bank and the corporate regulator are $25 million apart on what is an appropriate penalty.
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.
An unsecured creditor of collapsed forestry giant Gunns Group has partially succeeded on appeal of a judgment that ordered repayment of $2 million that Gunns had transferred in 2021 despite trading while insolvent.
The ACCC has secured a misuse of market power declaration against Tasmanian government-owned TasPorts in the regulator’s first action under amended competition laws, but the ports company will not pay a penalty as part of an agreement to resolve the case.
The High Court has granted special leave in a test case by the Australian Taxation Office concerning the effectiveness of disclaimers by trust beneficiaries giving up entitlements to trust income and any associated tax obligations.
The Australian Taxation Office has successfully appealed a Federal Court decision finding it could not recover an R&D tax offset refund of around $2.3 million paid to Auctus Resources despite the payment being made by mistake and the mining company admitting it was not entitled to the money.
Business consultancy Hendry Group has told a court there was “no possible causal connection” between sex discrimination complaints brought by a former CEO and her suspension, saying that the company showed her the door because of “genuine and serious concerns” about her conduct.
ASIC has fired back at iSignthis’ defence to the regulator’s claims that it violated the Corporations Act by not disclosing $3 million in one-off revenue related to integration agreements, saying it was not the job of its compliance officials to school the fintech on its disclosure obligations.
The High Court has granted special leave to a British citizen who is locked in a dispute with the Australian Taxation Office over a 15 per cent ‘backpacker tax’ imposed on holders of Australian working holiday visas.