Transurban wins tax case in High Court 12:41, Thursday, 20 July 2006
Sydney - Thursday - July 20: (RWE Australian Business News) - The High Court of Australia today ruled in favour of Transurban (TCL) in relation to the tax deductibility of the Concession Fees Transurban pays to the State of Victoria under the Melbourne CityLink concession Deed. The case was heard by the High Court of Australia after the Australian Taxation Office (ATO) appealed the unanimous judgement of the Full Court of the Federal Court in October 2004. Today's ruling confirms that the Concession Fees are tax deductible as an ongoing cost of operating CityLink. The costs of this legal action were awarded to Transurban. This ruling has no impact on the amount of the distributions Transurban will pay to its investors. As a result of today's ruling Transurban Group distributions will continue to be substantially tax deferred going forward. Today's ruling also provides certainty in determining Transurban's future tax position and obligations. ENDS
TCL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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