AUS: Lion Nathan prepared for multi-million dollar tax bill
Lion Nathan has received a sizeable tax demand, following an audit at one of its subsidiaries.
The trans-Tasman beer and wine group informed the Australian Stock Exchange earlier this week that the Australian Tax Office recently concluded an audit of its Lion Nathan Finance (Australia) Pty Ltd., in relation to the deductability of bad debts incurred funding Australian subsidiaries of the group.
Lion has subsequently been stung by a demand for A$19.7m in primary tax, plus an interest charge of A$11.3m. The total sum - which is A$27.6m (US$21.6m) net - is payable next month.
"The net cost of A$27.6m was fully provided for in prior financial years," Lion told the ASX, "and will have no impact on the company's current operating profit guidance for 2007."
Indeed, the company concluded that it will be able to release a "provision surplus" of A$9.5m this year.
Bibendum has appointed an addition to its board of directors....
Lion Nathan is toasting a buoyant set of figures for its half-year in spite of rising commodity costs....
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Trans-Tasman brewer and wine group Lion Nathan yesterday (20 March) launched a range of beers into the New Zealand market in an attempt to attract 20-something drinkers....
A UK cider company has secured distribution in Australia....
Lion Nathan has acquired Inner Circle Rum in Australia....
Lion Nathan is mulling the possible sale of one of its breweries in New Zealand....
Australian craft brewer Empire Beer Group has named a former Lion Nathan executive to the position of business development manager....
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