In relation to the amended assessments, STAI’s holding company, Singtel Australia Investment, would be entitled to a refund of withholding tax that was estimated to be around A$89 million. STAI had paid a minimum amount of 50% of the assessed primary tax in November 2016 in accordance with the administrative practice of the Australian Taxation Office.
In its March 8 statement, STAI says it will “review the details of the judgment, explore available options and determine [its] next steps”.
The court did not decide on the issue of penalties, as it was not the subject of the proceedings.
“STAI will also review and consider its position on applying for relief as to the penalties,” adds the statement.
See also: Amalgamation of AIS and Gulf to be completed on April 1, says Singtel
The net tax exposure and related interest and penalties have been fully provided in Singtel’s financial statements.
As at 1.19pm, shares in Singtel are trading 1 cent higher or 0.42% up at $2.38.
