Telecommunications giant SingTel is challenging a ruling in favour of the Australian Taxation Office’s decision to reject over $894,000 in tax deductions related to its $14.2 billion acquisition of Optus.
SingTel has been blocked from making $190,000 in tax deductions after the Australian Taxation Office won its Federal Court case against the Singaporean teleco over transfer pricing benefits related to the $14.2 billion acquisition of Optus.
Singapore telecommunications giant SingTel cannot claim over $894 million in tax deductible “transfer pricing benefits” for interest paid by a cross-border subsidiary on a loan for the $14.2 billion acquisition of Optus, the Federal Court has ruled.
Health care giant Healius has lost its application to the High Court to challenge a $60 million win for the Australian Taxation Office.
The Australian Taxation Office has secured a Full Federal Court victory in its $60 million tax battle with Healius, overturning a ruling that found the healthcare company could claw back a multi-million dollar tax refund.