Company News Summary
IOOF Holdings Announces Impact from Retrospective Application of Amended Income Tax Law
Original announcement: Impact from Retrospective Appl. of Amended Income Tax Law
IOOF Holdings referred to legislation passed by the Federal Parliament on 27 June 2012 that introduced retrospective amendments to the income tax law as it applies to consolidated groups such as the IOOF group of companies. These amendments result in the following in relation to the group's acquisition of Australian Wealth Management (AWM) and IOOF Global One (IGO, formerly Skandia Australia): a $7.0m cash refund from the ATO relating to the company's amended 2010 Income Tax return was previously classified as an uncertain tax position and held on balance sheet awaiting finalisation of the relevant legislation. This amount is now likely to be retained and will be credited to profit as an income tax benefit in the 2012 financial year; and the company will be required to reduce the tax cost base of AWM and IGO contractual customer relationships.
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