Former chairman of BHP Billiton and chief executive of the National Australia Bank, Don Argus has settled his stoush with the tax office.
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The Australian Taxation Office slugged Mr Argus with a $2.25 million bill for income earned by the $15 million self-managed superannuation fund he jointly owns with wife Patricia during 2010.
Mr Argus, who is now chairman of the Bank of America Merrill Lynch Australia advisory board, settled with the tax office late on Friday and a hearing scheduled for today vacated.
The settlement between the ATO and the Australian business heavyweight is confidential.
Mr Argus and his wife had asked the tax office for a $1.2 million reduction of the tax bill, describing the original $2.25 million assessment as "excessive" because it they believed the Tax Office had incorrectly assessed the amount of income paid out from the trust.
