Interesting article from BrisbaneTimes [http://www.brisbanetimes.com.au/]
This is the first time I have heard about the tax dispute. Could this result in an additional $29.5 million liability for BBI? On the other hand, if they win, could this see the company obtain a $72.5 million refund from the ATO?
"Tucked away in its latest accounts are details of a dispute with the Australian Tax Office over the tax deductibility of payments made by BBI over the lease it has on its prized asset, Queensland's giant Dalrymple Bay Coal Terminal, which it is trying to sell.
The ATO is seeking payment of $102 million for a five-year period from 2002, which BBI disputes. The case has gone to the Federal Court but so far the action has racked up an additional interest bill of $43 million.
BBI is confident of winning the case but has taken the precautionary step of paying $72.5 million upfront to stop the interest mounting up.
The case underlines the complexity of the sale process.
And the longer it drags on, the more likely that potential buyers for DBCT could be distracted by the Queensland Government's $16 billion infrastructure sell-off, which includes the sale of the Abbot Point coal terminal and the Port of Brisbane
Queensland Rail is also for sale. But Xchange has heard a public float is the most likely option in light of the $7 billion or so price-tag and a lack of logical trade buyers."
