Three weeks ago we covered the main media reports of Primelife founder Ted Sent being hit with a $2.8 million penalty for recklessly dodging tax; we used the term evaded tax. Ted has called us to say he has neither dodged or evaded tax. He has now also supplied the Tax Institute report on his case. It says the Tax Commissioner imposed the penalty based on recklessness but Teds appeal to the Australian Administration Tribunal (AAT) won a change in that ruling. The AAT held that the taxpayer (Ted Sent) had not been reckless, having relied on advice. However the AAT (ruled) the taxpayer (still) did not have a reasonably arguable position, so tax shortfall penalties of 25% were justified. Ted is still fighting. He is now back challenging the ATO over this latest ruling.
Ryman Healthcare CEO Richard Umbers quits
In February, the company cut its full year profit forecast to between NZ$265 million and NZ$285m on disappointing sales and margins