The parent company of telco giant Optus has lost its bid to get almost $895 million deducted from its taxable income in Australia, in a Federal Court victory for the Tax Office.
Singapore Telecommunications had attempted to claim the deductions based on interest paid on loans between two of the company’s subsidiaries, regarding its 2001 acquisition of Optus.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
