I think it's more a case of the ATO would not accept a 100% write down on an asset without seeing more details. The accounts were likely queried for good reason.
Just because you are not getting regular reports from a company does not mean you can write down to $0 its perceived value on your books.
The walk away strategy is looking more and more like a complete and utter amateur approach.
Who's idea was it?? G&T or PWC??
Who approved it???
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