David Walsh says he's entered into a confidential settlement with the ATO under which all of his tax disputes are completely resolved.
DAVID Walsh's $37 million dispute with the Australian Taxation Office is over, ensuring the Tasmanian entrepreneur can continue to develop his ground-breaking museum.
The founder of MONA, the state's most popular tourist attraction, had faced a massive tax bill on gambling profits the ATO alleged he made between 2004 and 2006.
The ATO launched Federal Court action against Mr Walsh but the issue was settled yesterday.
The news was a huge relief for the tourism industry after fears the dispute would lead to Mr Walsh moving overseas, curtailing the expansion of the highly successful Museum of Old and New Art.
Tourism Industry Council of Tasmania chief executive Luke Martin said MONA had changed the face of the state's tourism forever.
Mr Martin said the museum had been the most significant development in Tasmanian tourism since the Wrest Point Casino in the 1970s and it was setting new standards for the industry.
He welcomed the resolution and hoped it meant MONA would go "onwards and upwards". It is the state's biggest attraction, with more than 450,000 visitors a year.
"Its contribution, not just through the museum, but through events such as MONA FOMA, is driving a lot of optimism," Mr Martin said.
Mr Walsh funded his large art collection and the building of MONA mostly from the profits of gambling, traditionally not taxable under Australian law.
He issued a statement yesterday to confirm the tax dispute had been settled.
"I have entered into a confidential settlement with the Commissioner under which all of their tax disputes are completely resolved," Mr Walsh said.
He said no more comment was possible under the terms of the settlement. The object of contention centred on Mr Walsh's involvement with a gambling syndicate called the Punters Club, headed by his friend Zeljko Ranogajec, and whether its earnings were windfalls or business profits.
Mr Ranogajec left the country after he was sent a tax bill reported to be many tens of million of dollars. He was seen as the world's biggest punter, with an operation which employed more than 300 people.
When it became public that Mr Walsh faced a multi-million-dollar retrospective tax bill earlier this year, it triggered an outcry from Tasmanians fearing he would move overseas and deprive MONA of his drive and inspiration.
A "Save MONA" Facebook campaign attracted thousands of supporters.
Independent MP for Denison Andrew Wilkie said he believed the retrospective bill was unjust and former Greens leader Bob Brown called for Federal Government intervention. The Government said politicians had no authority to interfere in the work of the Commissioner of Taxation.
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