Toll NZ cuts deal with tax department over convertible notes

Mon, 05 Jan 2015

By Paul McBeth Jan. 5 (BusinessDesk) - Toll Holdings' New Zealand unit settled its dispute with the Inland Revenue Department last year over its use of convertible notes to fund trans-Tasman transactions a decade ago, and expects the $22.9 million provision it took in 2013 should cover the cost of the deal. The Australian logistics group's New Zealand holding company, Toll Group (NZ), reached a settlement with the local tax department over interest expenses relating to its optional convertible notes between 2003 and 2012, according to the...

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