Michael Hill prepares response to Australian Tax Office over valuation of IP transfer

Tue, 18 Sep 2012

Sept. 19 (BusinessDesk) - Michael Hill International, the jewellery chain that relocated to Australia in a move that generated tax benefits, says it will shortly respond to the Australian Tax Office’s challenge to the valuation of intellectual property the company used. The ATO disputes about $40 million of the $50.2 million deferred tax asset raised as a result of the IP being transferred to an Australian unit of Michael Hill from a New Zealand unit. The company, now based in Queensland, says its deferred tax asset balance was $42.6 million...

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