A new taxation super-group is on the horizon, with leading tax advisory firm Greenwoods set to join the ranks of PwC Australia’s financial advisory business in the midyear, amid a “war for talent” in the sector.
The ATO has secured freezing orders on $220 million in capital gains tax arising from the $19 billion private equity sale by China’s State Grid of its substantial shareholding in energy infrastructure giant AusNet.
Johnson Winter & Slattery has snagged two tax bigwigs from Deloitte and KPMG Law to meet growing client demand for tax advice from law firms.
The High Court has shot down Greensill founder Lex Greensill’s bid for special leave to challenge a finding that he owes tax on $58 million in capital gains, including income from the sale of shares in the collapsed UK-based supply chain finance company.
PepsiCo has launched proceedings disputing claims by the Australian Taxation Office that amounts paid by Schweppes for local bottling and distribution services were royalties and had to be taxed accordingly.
Lawyers will need to review their income arrangements in light of new tax guidelines that could expose them to greater ATO scrutiny, says Pitcher Partners executive director Ashley Davidson.
Allens has lured leading M&A tax lawyer Ellen Thomas from PricewaterhouseCoopers to strengthen the Big Six firm’s expertise in mergers and acquisitions and finance transactions.
An appeals court has unanimously rejected the Commissioner of Taxation’s latest bid to block Shell’s $2.3 billion tax deduction for the cost of exploration activities conducted as part of the Browse LNG project off the coast of Western Australia.
Oil company ExxonMobil has appealed decisions by the Australian Taxation Office to refuse deductions on profits from the sale of petrol from the largest oil field in Australia, claiming its taxable profits over four years should be reduced by $181.8 million.
An Airbnb host’s claim for JobKeeper payments has been shot down, with a tribunal saying the accommodation of paying guests at one’s own home did not constitute a business.