In this opening episode of Ashurst’s Taxed Out series, partners Vanja Podinic and Colin Little unpack the dominant Australian tax controversy themes from 2025 and what they signal for the year ahead. They explore the ATO’s whole-of-code approach, the escalation of scrutiny on financing and marketing hubs, related-party arrangements and private capital, and the continued interplay between transfer pricing, PE risk, intangibles and anti-avoidance. Colin and Vanja break down the ATO’s FY25 settlement and certainty data, including the decline in APAs, the rise of bilateral agreements, and growing use of the Mutual Agreement Procedure. They also reflect on the landmark decisions that shaped 2025 from embedded royalties and anti-avoidance in PepsiCo and Hicks, to Division 855 disputes in YTL and Newmont, and the Bendel decision now before the High Court. Finally they close with the 2026 cases to watch, including Bendel, Tabcorp, Coca-Cola and The Star, and share practical steps for taxpayers preparing for another active year of reviews, audits and litigation. To follow the series, visit ashurst.com or search for Ashurst Legal Outlook on your preferred podcast platform. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.See omnystudio.com/listener for privacy information.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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