Updated

Lendlease tax woes could trigger second profit downgrade

Michael Bleby, John Kehoe and Aaron Weinman

Updated May 13, 2024 – 4.27pm, first published at 9.55am

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John Wylie’s Tanarra Capital is pushing for a seat on the Lendlease board, as the country’s largest property group faces the prospect of a damaging profit downgrade after tax officials handed it a $112 million bill.

On Monday, Lendlease confirmed a report in The Australian Financial Review that it had been given the tax bill relating to the sale of its retirement business, which came after allegations it had been “double-dipping” on tax benefits over the 2017 deal.

Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.

Aaron Weinman was a correspondent at The Australian Financial Review.