So you are saying the ATO lets them walk away with a cheque for $600M and ZERO tax. Come on - thats ridiculous! If you know anything about this company you would know that in January, 2005 they paid $3,205,129 for permit AC/P22 (Note 8 on pg 45 of the 2005 Annual Report). They also paid "beer money" for the Talbot field. Their exposure is astronomical because I believe the ATO will dispute their view that MOST of the expenditure that has occured since buying the field for diddily squat is allowable for tax purposes. All I can say is if the ATO lets them keep the $600M without paying a cent in tax I will be complaining to my local MP. While it would be a windfall gain for AED shareholders it would be a grave injustice to taxpayers as a whole and that includes me.
AED Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
