15 Oct 2012
SHERWIN CHAN & WALSHE LIMITED (IN LIQUIDATION) V SIR ROBERT JONES AND YORGEN HOLDINGS LIMITED COA CA505/2011
- Citation
- COA CA505/2011
- Court
- Court of Appeal
SCWL's systemic negligent tax advice from 2003 caused the Trust's additional tax liabilities including the $1.667m assessed on intercompany lending; EY's subsequent specialist advice and the Trust's voluntary disclosure did not break the causal chain nor was EY's advice attributable so as to relieve SCWL; the Trust acted reasonably in accepting and resolving the Commissioner's reassessment; claimed counterfactual costs and alleged restructuring tax benefit were not established as offsets against damages. Therefore appeal dismissed.