Goldblunder | The Spectator Australia

On Friday last, November 6, the Australian Taxation Office had a serious legal bomb blow up in its face. It’s so serious that the full bench of the Federal Court has put a 10–day embargo on the publication of the judgment that went against the ATO. We can only guess why. However, the case, the facts and the implications are known. 

In essence, about four years ago the ATO destroyed the Australian private–sector gold refining industry. It did this after international criminals ripped off up to a billion dollars in GST through trading gold. The gold refiners were unwitting conduits in the massive scam. Instead of chasing the criminals, the ATO attacked the refiners, most of whom were small businesses, effectively…