The settlement was reportedly reached in July 2026 and involved the Commissioner of Taxation, Pallion-related companies, and other relevant parties, including liquidators. The agreement was reached on a 'no admissions' basis, with its terms remaining confidential.
A liquidator representing one of the former Pallion-related subsidiaries reportedly confirmed the development in a letter issued in July, stating that a global settlement had been reached to resolve the various disputes.
This development appears to mark the end of a complex legal battle that Jeweller has extensively documented. The dispute dates back to 2014, when the ATO commenced an investigation into the GST affairs of EBS & Associates, a former Pallion-related business.
The tax office challenged the treatment of transactions involving precious metals and later issued assessments exceeding $122 million, along with penalties of more than $58 million. After the company's liquidation, the dispute expanded into further legal proceedings, including investigations into the transfer of business assets to related entities.
In 2023, the Federal Court approved the appointment of special purpose liquidators to investigate transactions involving another former subsidiary. The proceedings involved multiple appeals, assessments, and competing legal positions over the years. Jeweller contacted Pallion Group about the latest development and received the following statement on 29 October.
“Pallion confirms that all litigation between the ATO and entities formerly related to the Pallion group has been entirely resolved by the relevant liquidators of these entities on a no admissions basis,” a spokesperson said.
“These historical matters are now definitively closed. The terms of these settlements are confidential.”
Pallion reports revenue boom
According to a report from the Australian Financial Review, corporate filings show the Pallion Group generated more than $38 billion in revenue for the 12 months ended 30 June 2026, while reported profit increased almost fourfold to $126.6 million.
That follows ongoing demand for physical gold and marks a substantial rise from $32.8 million the previous year. The filings also shed light on the financial arrangements surrounding the privately owned business.
The Cochineas family and the Gregg family, which together hold significant ownership interests, received approximately $92 million in dividends during the financial year, representing 73 per cent of reported profits.
Other figures of note include rent paid to director-related entities, which rose from $499,000 to $3.5 million, while loans to related parties rose from $4 million to $44 million. Pallion's balance sheet lists approximately $4.5 billion in assets against $4.39 billion in liabilities.
According to the Pallion Group website, the company is "the largest fully integrated precious metal services group in Australasia and the result of the merger of the ABC Bullion and Palloys Group of companies.”
The network includes six entities: ABC Bullion, ABC Refinery, Palloys, Goldenage International, WJ Sanders, and Custodian Vaults.
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