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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 (933) | 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, 08:53 AM Reply Like
  • Jake2992
    , contributor
    Comments (825) | Send Message
     
    Talk about free loading...
    17 Feb, 07:07 PM Reply Like
  • taxman100
    , contributor
    Comments (244) | 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, 07:09 PM Reply Like
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