Michael Hill reaches A$6M settlement with Australian Tax Office over 2008 IP transfer

Mon, 31 Mar 2014

April 1 (BusinessDesk) - Michael Hill International, the jewellery chain that bears the name of its founder, has reached an A$6 million settlement with the Australian Tax Office over the 2008 transfer of intellectual property to an Australian subsidiary. The ATO had questioned the value the retailer had attributed to the IP, on which it determined the level of its tax deductions. Brisbane-based Michael Hill had put a $274 million value on the IP, generating a deferred tax asset of $50.2 million. The ATO said “significantly lower” deductions w...

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