Aussie firm sez terms confidential
SYDNEY — Village Roadshow (VRL) has settled a dispute with the Australian Tax Office over assessments totaling A$234 million ($175.5 million).
The Aussie firm said the terms were confidential but won’t have a material impact on its net profit after tax for the fiscal year ending next June 30 or on its forecast cash flows.
The tax office issued the assessments after an audit that covered five years up to 1998. Audit hiked VRL’s tax bill for 1993-94, plus interest charges.
Company challenged the assessments and last July told shareholders it had been advised its objections had been disallowed, but it was confident that the decision would be overturned on appeal.