News: ALU Altium Says Received Formal Communication From Australian Tax Office On 18 Nov

Nov 21 (Reuters) - Altium Ltd (ALU) :

• RECEIVED FORMAL COMMUNICATION FROM AUSTRALIAN TAX OFFICE AFTER CLOSE OF MARKET ON 18 NOV
• UNDERSTANDS THAT ATO INDICATED THAT IT WILL COMMENCE ROLL-OVER AUDIT OF SUBSEQUENT 2019 TO 2021 TAX YEARS
• BASED ON COMMUNICATION, ATO INTENDS TO PROCEED WITH ISSUING AMENDED ASSESSMENTS FOR 2016 TO 2018 TAX YEARS OF AU$80.0 MILLION
• DISAGREES WITH ATO AND BELIEVES ATO POSITION BASED ON MISPERCEPTION OF SUBSTANCE THAT UNDERPINNED CO'S RELOCATION TO CHINA IN 2011
• CONTINUES TO ENGAGE EXTERNAL LEGAL ADVISERS IN RELATION TO MATTER AND WILL REQUEST INDEPENDENT INTERNAL REVIEW OF DECISION BY ATO
• ATO INDICATED IT WILL START A ROLL-OVER AUDIT OF SUBSEQUENT 2019 TO 2021 TAX YEARS, ON SAME BASIS
• INTENDS TO VIGOROUSLY DEFEND ITS POSITION AND IF NECESSARY, CONTEST MATTER THROUGH LITIGATION PROCEEDINGS