- 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.
News Corp wins $800M back from Australian tax man
Feb 17 2014, 05:35 ET