Outspoken ... Australian actor Paul Hogan.

Paul Hogan ... tax fight over. Photo: Reuters

Call that a tax dispute? That's a tax dispute.

After a marathon eight-year row, actor Paul Hogan has finally settled his differences with Australia's taxman.

The Australian Taxation Office (ATO) was chasing the Crocodile Dundee star and artistic collaborator John Cornell over $150 million in alleged unpaid taxes and penalties dating from the 1980s.

The pair were the highest profile targets of Operation Wickenby, a nationwide, multimillion-dollar fraud probe launched by the ATO in 2004.

Hogan and Cornell issued a statement through their lawyer, Andrew Robinson, last night.

"Paul Hogan and John Cornell are pleased to advise that following a mediation before ex High Court Judge, the Honourable Michael McHugh AC QC, they and their related entities have reached a settlement with the Commissioner of Taxation," the statement said.

The agreement was reached on a "without admission" basis.

"The parties have agreed that the terms of the settlement are to be confidential, but as part of the settlement, the Departure Prohibition Order issued against Mr Hogan has been revoked by the Commissioner," the statement continued.

Hogan was famously prevented from leaving Australia in 2010 after the ATO served him with a departure prohibition order as it sought to settle the alleged unpaid tax debt.

AAP