Although the listed company has had something
of a dream run, privately things have been more difficult. Throughout the year,
Packer has been fighting the tax office over disputed assessments served on his
private companies. The tax office is seeking $143 million after conducting an
extensive audit, and Packer’s advice is that he is not liable. Consolidated
Press’s public discussion on the matter has been a brief disclosure in the
accounts, stating that no provision has been made, following legal advice that
the company can defeat the tax office in the courts. It is believed that some of
the disputed tax assessment relates to claims for money spent on his polo
business.

Peter Fray

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