Centrebet awarded Oz tax payout
Sportingbet subsidiary awarded up to AU$91m following GST dispute.
Centrebet has been awarded a payment of up to AU$91m from the Australian Taxation Office following the resolution of a goods and services tax (GST) dispute.
The Sportingbet subsidiary had gone to court over the alleged tax overpayment, and this payout is the consequence of a settlement from the Australian commissioner of taxation.
According to the Sydney Morning Herald, Sportingbet – which completed its takeover of the Northern Territory-licensed bookmaker last August – could receive as much as AU$9m following the settlement, with the bulk of the remainder going to former Centrebet shareholders as specified in the terms of the takeover.
However the payout of the potential AU$80m+ to former shareholders is expected to be drawn out “over an extended period of time.”