From the first few sentences it looks like BBI is going to court to defend the ammended assessments IMO.
Ricee, usually the distintion between operating and finance lease is an accounting convention. I feel the tax issue goes to more a substance over form issue. In form the lease is an operational expense, in substance the ATO believes that the lease includes acquistion of items which would not ordinarily be deductible, if they were not acquired in the way they were.
Should be an interesting case. I will be watching with interest, both as an investor and someone who has an interest in these things.
Cheers
BBI Price at posting:
6.9¢ Sentiment: Hold Disclosure: Held
