Macquarie won concessions ahead of offshore banking tax crackdown

Macquarie Group successfully lobbied the Abbott government to water down and delay moves to tighten laws over which the bank is fighting a tax battle worth hundreds of millions of dollars.
Fairfax Media has learnt that Macquarie was among industry players who attended a November 6 meeting with then-assistant treasurer Arthur Sinodinos at which the controversial issue of offshore banking units was discussed.

Moves by the previous government to crack down on the use of OBUs, which had already been delayed, were watered down the same day and further delayed in January.

Senator Sinodinos, who formerly worked for NAB, stepped aside as assistant treasurer last month after being called as a witness at the ICAC inquiry into former NSW Labor minister Eddie Obeid.

The Australian Taxation Office last year hit Macquarie with a very large tax bill, on which the bank has already made a part-payment of up to $295 million, over its use of OBUs in 2006, 2007 and 2008.

Macquarie declined to comment.

http://www.smh.com.au/business/macquarie-won-concessions-ahead-of-offshore-banking-tax-crackdown-20140402-35ysd.html#ixzz2xo6AJZWt

Sinodinos......There's that name again.
Will there be an enquiry into how/why this was done???
Doubt it.......

:D