LEND Lease has won its long running battle against the Australian Taxation Office.
The ATO has withdrawn an appeal to Federal Court on Westpac warrants issue.
The appeal relates to the forward sale of 100 million Westpac shares in 1996 which was due to be heard by the Full Federal Court yesterday.
The ATO will be required to repay to Lend Lease, the approximate $70 million balance of the payment Lend Lease had made under the amended assessment issued in 2002, plus interest.
Lend Lease said it has always been confident of its position throughout and has treated this amount as a receivable in its accounts including accruing interest.
The group said the repayment of the monies by the ATO will have no impact on the Company’s earnings.
Australian Property Journal
