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.