RAPTIS Group will object the Australian Tax Office's GST amended assessment for the three year period between May 2004 and May 2007.
Raptis, which blamed a lack of property settlements for its interim net profit falling 40% to $4.91 million, said its GST calculations are correct.
The ATO’s amended assessments relate to GST payments by the Unit Trend Services Pty Ltd arising from the Chevron Renaissance development on the Gold Coast and show a primary tax liability for Unit Trend of $21.6 million of tax and a proposed penalty of $5.4 million.
“The GST treatment was queried by the ATO as part of a routine audit and we are confident in our approach to GST,” chairman Jim Raptis said.
“At present the directors believe the ATO’s assessment will have not impact on the fY08 full year result,” he concluded.
Australian Property Journal