Aussie Home Loans' John Symond used a tax-free $58m windfall to build his Sydney mansion, according to information filed before the Supreme Court this week as part of an ongoing dispute between the industry bigwig and law firm Gadens. But Symond denies media reports this could constitute tax evasion.
In an exclusive interview with Australian Broker, Fiona Hamann, senior manager, public relations at Aussie, says Symond commenced legal action in the NSW Supreme Court in 2008, claiming damages for allegedly negligent tax advice provided by Gadens Lawyers and Abbott Tout Lawyers over the course of several years.
He is seeking damages of approximately $13m plus costs.
Symond reportedly used the money, garnered from Aussie Home Loans between 2003-2006, before being audited in February, 2007.
However, Hamann says media reports released this morning failed to include key information. For instance, it is understood that Symond received an official letter from the tax office in 2007, clearing him of any wrongdoing.