The Australian Tax Office has plans to appeal the Federal Court’s decision which found in favour of Lend Lease.
The Federal Court decision handed down on December 31 last year found that there was no basis for the ATO’s claims that the 1996 transaction involving Lend Lease’s subsidiary’s forward sale of Westpac shares in the mid 1990s.
The sale resulted in a higher capital gain for Lend Lease than the company had returned.
Lend Lease was awarded $32 million plus interest by the court.
Yesterday, Lend Lease said it remains firmly of the view that the ATO’s claim and subsequent appeal are unsustainable.
Australian Property Journal
