Outgoing chairman of Mirvac Group Ltd, James MacKenzie, may be forced to pay hundreds of thousands of dollars to settle a tax liability arising from his directorship of the property group, The Australian Financial Review reports.
According to the newspaper, a board-level debate on the issue has taken place, with a subcommitte organised to investigate the matter, said to centre on Mr MacKenzie's living-away-from-home allowance and a special investment allowance.
Sources told the AFR, the probe stretches back to Mr MacKenzie's commencement as chairman in 2005.
The newspaper reports the group streesed 'no money has been lost, though Mr MacKenzie may look to settle the matter through a payment near $340,000.
Quick Summary:
Mirvac board have held discussions about outgoing chairman's tax liability.
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