The most expensive tax investigation in Australia’s history is officially over. After an investigation lasting eight years, last night the solicitor for Paul Hogan and John Cornell issued a press release advising that his clients “and their related entities have reached a settlement with the Commissioner of Taxation on a ‘without admission’ basis”.
Hogan, Cornell and the ATO have agreed that the terms of the settlement are to be confidential. But as part of the settlement, the Departure Prohibition Order issued against Hogan has been revoked by the Commissioner. The settlement was reached following mediation before former High Court Judge Michael McHugh AC QC, who was brought in by both parties to break the impasse.