Australian racing and wagering company Tabcorp Holdings Limited has announced that is has reached a resolution in its dispute with the Australian Tax Office (ATO) that will see the ATO issue a refund of approximately AU$83 million ($53.2 million/€49.8 million).
The refund comes following a dispute initiated by Tabcorp regarding income tax treatment of payments for various licenses and authorities. Tabcorp had initially paid the disputed amount in full while the refund covers about 20% of that amount. Following the resolution, Tabcorp has agreed to drop all proceedings in relation to the disputed tax amount.
Tabcorp to Receive AU$83 Million ATO Tax RefundIn its statement Tabcorp said:
Tabcorp to Receive AU$83 Million ATO Tax Refund Tabcorp to Receive AU$83 Million ATO Tax Refund Tabcorp to Receive AU$83 Million ATO Tax Refund AU$1 million ($639,231 million/€597,274 million) for non-compliance with commission directions.In August, Tabcorp released its annual financial report for the year leading up to 30th June, 2023 (FY23) revealing a 2.4% increase in revenues. According to the latest Global gambling statistics this means that Tabcorp’s latest report shows that the company generates roughly 14% of all gambling revenue in Australia.
