Tinkler resolves ATO debts
Coal baron Nathan Tinkler has reached an in-principle settlement with the Australian Taxation Office over unpaid debts owed by several of his companies.
In the Federal Court on Friday, a lawyer for the Deputy Commissioner of Taxation said there had been a "meeting of the minds" between Mr Tinkler and the ATO about debts owed by four of his companies.
The companies include the Newcastle Jets Football Operations, Hunter Valley Sports Group, Buildev Aviation, and Buildev Development (NSW).
Hunter Valley Sports is the owner of the Newcastle Jets Football Club and the Newcastle Knights rugby league team.
The Federal Court was told that "a proposal had been accepted" by the Tax Office and Mr Tinkler but that both parties wanted more time to settle.
Earlier this year, Mr Tinkler's Buildev Group and four related companies were reported to have owed the ATO more than $600,000.
He was also originally being pursued over a large debt owed by the Hunter Valley Sports Group to the ATO.
But in April, lawyers for the Tax Office told the Federal Court there were no more debts owed by Buildev Group, Buildev Development (Queensland), and BD (Qld) Project G075, though two of those cases were not dismissed because another creditor wanted to be substituted.
However, on Friday that substituted creditor agreed to settle with Mr Tinkler on matters involving Buildev Group and BD (Qld) Project G075. The judge ordered that both those proceedings be dismissed.