CORRECT Toll anticipates $19M for tax avoidance penalties

Mon, 14 Jan 2013

(headline corrected, replaces 'provisions' with 'anticipates') By Pattrick Smellie Jan 15 (BusinessDesk) - Toll Holdings has revealed a possible cost of $19 million from its battle with the Inland Revenue Department over the use of optional convertible notes to shuffle trans-Tasman income. But the company has yet to include provisioning in its accounts for the possible loss of its tax dispute as a key Court of Appeal decision is still pending on the issue, which could see as many as 16 Australian companies with New Zealand subsidiaries hit...

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