John Symond Won $4.98 Million In Damages For Dodgy Tax Advice Today

Photo:Getty Images

John Symond, the founder of Aussie Home loans has been awarded $4.98 million in damaged from law firm Gadens by the New South Wales Supreme Court today.

According to The Fin, Gadens partner Ross Seller gave him shonky advice in 2003 and 2004 on a loan structure which resulted in an $11 million tax bill.

Symond wanted to know how to borrow $57 million from a business without it being taxed while it was in his hands.

In the end Symond paid the ATO $6.6 million in tax, interest and penalties.

There’s more here.

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.