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Spark Infrastructure Group Notes on Federal Court Decision On Tax Litigation, Asset Impairment And Change To Distribution Guidance

11 Feb 2019  |  09:49:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Federal Court Tax Decision Impairment Distribution Guidance

Spark Infrastructure Group noted the decision handed down by the Federal Court on the tax treatment of certain cash contributions and gifted assets for Victoria Power Networks (VPN) for the tax years 2008 to 2011. The Federal Court has decided that for assets constructed by VPN whereby the customer contributes to the cost of construction of such assets, the cash contribution should be treated as assessable income for tax purposes on receipt. The assumptions have been updated for the change in tax treatment for cash contributions and gifted assets. It expects to reconfirm guidance for the final distribution for FY 2018 of 8.0 cps and provide changed distribution guidance for FY 2019 of at least 15.0 cps.

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