News Corp wins $800M back from Australian tax man

|About: News Corporation (NWS)|By:, SA News Editor

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.