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The Australian Taxation Office has accused Macquarie Group Ltd (ASX:MQG) of using a private-equity related tax avoidance scheme relating to the $480 million sale of shares in Minara Resources Ltd (ASX:MRE) in 2004.
Minara is a nickel company founded by Fortescue Metals Group (ASX:FMG) chief Andrew Forrest.
According to the Australian Financial Review, Australia's biggest investment bank will face court in June to defend claims that it scored a $318 million benefit from the sale of Minara shares by US private equity fund MatlinPatterson, with around $95 million tax at stake.
The AFR says Macquarie has denied the ATO’s claims and instead maintains that it paid the correct amount of tax, understood to be $12 million.
Macquarie Group’s full year net profit fell 9 per cent to $989 million in the year ended on 31 March 2011.
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Last
$19.41 |
Change
0.420(2.21%) |
Mkt cap ! $59.76B | |||
| Open | High | Low | Value | Volume |
| $19.19 | $19.55 | $19.10 | $98.59M | 5.097M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 32185 | $19.38 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.43 | 946 | 2 |
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| Last trade - 16.10pm 28/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |