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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
$21.62 |
Change
-0.420(1.91%) |
Mkt cap ! $66.56B | |||
| Open | High | Low | Value | Volume |
| $21.61 | $21.78 | $21.48 | $190.2M | 8.611M |
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| No. | Vol. | Price($) |
|---|---|---|
| 7 | 15504 | $21.61 |
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| Price($) | Vol. | No. |
|---|---|---|
| $21.62 | 6560 | 1 |
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| FMG (ASX) Chart |