Already a subscriber?Plutora, a software and services company that received $46 million in funding from Macquarie Capital, has appointed administrators and plans to shut down its Australian operations following a dispute over its eligibility for research and development tax rebates.
A document filed with the Australian Securities and Investments Commission shows Macquarie’s shares transferred to Mr Siroky for $1 in February. A spokeswoman for Macquarie Capital declined to comment on Plutora’s collapse, but it is understood that its valuation of Plutora had been written down aggressively well before February.
Mr Siroky said he returned to live and work from Sydney during the pandemic and that its entire operation had been fully remote and distributed since. The ATO ruled that, following Macquarie’s increased investment in 2019, its holding of 45 per cent constituted control and meant Plutora’s revenue in its application should have been considered on an aggregated basis with Macquarie’s.