judges comments on ex chairman of nxs

Form your own opinion here, but it may prompt a lot more investigation into NXS.

In respect of the administrative penalty, the Court agreed with the Commissioner that the taxpayer had failed to take reasonable care to comply with Division 13A. It was of the view that given the taxpayer’s position as a company director and the nature of the agreement pursuant to which the options were granted, a reasonable person in the circumstances of the taxpayer would be expected to have made some reasonable enquiries concerning the tax treatment of the options under the relevant tax law. The lack of cogent evidence that the taxpayer made any relevant enquiries and his failure to keep basic records relating to the grant of the options, justified the imposition of the administrative penalty for failure to take reasonable care.