News Corp wins $800M back from Australian tax man


News Corp (NWS) has received a rebate of A$882M ($796.62M) from Australia’s tax authorities after it won a legal battle over A$2B in forex losses that it suffered during a restructuring in 1989.

The Australian Tax Office had refused to allow the deduction but was defeated in the country's Federal Court in July.

The payment has only just come to light, although News Corp received the money at the end of last year.

The ATO's defeat exacerbates country's budget deficit, which is forecast at A$47B for FY 2013-14.

Comments (3)
  • User 509088
    , contributor
    Comments (1675) | Send Message
     
    I wonder why the story wasn't covered in rupe's tabloids?

     

    aren't court judgments published in merry merry land of aus?
    17 Feb 2014, 08:53 AM Reply Like
  • Jake2992
    , contributor
    Comments (1084) | Send Message
     
    Talk about free loading...
    17 Feb 2014, 07:07 PM Reply Like
  • taxman100
    , contributor
    Comments (551) | Send Message
     
    I'll have to read about this case, because:

     

    1. I own shares in FOXA and NWSA
    2. I work in corporate taxation, and these kinds of stories keep my department's budget from being cut.
    17 Feb 2014, 07:09 PM Reply Like
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