THE NEWS WRAP: Pratt family in ATO dispute

There would be little change to consumers’ online shopping habits if GST was placed on their offshore purchases, economists have said.

Despite a high-profile campaign led by retail giants Harvey Norman and Myer, which were joined yesterday by the National Association of Retailers, economists have said that the move wouldn’t make much difference to the flagging retail sector due to the size of discounts available online. 

Wikileaks leaking cash

Wikileaks may have shaken the political and diplomatic world with its disclosures but its exploits have so far failed to translate into financial success.

The site’s founder Julian Assange, who is on bail in the UK for alleged sexual assault, told a Swiss newspaper that Wikileaks was losing $600,000 a week since the start of the publication of confident US diplomatic cables.

Pratt family in ATO dispute

The family of the late Richard Pratt are in dispute with the Australian Taxation Office over its taxable income between 1999 and 2003.

The family of the entrepreneur, who started the Visy cardboard empire, are contesting $180 million that the Tax Office claims to be taxable income during this period.

Overnight

The Dow Jones industrial average fell 51.28 points to 11,623.48 while the Australian dollar edged back to parity following a recent decline, moving up to 99.63 US cents.