Brief: Altium Says Received Formal Communication From Australian Tax Office On 18 Nov

Altium

21/11/2022 24:40

Nov 21 (Reuters) - Altium Ltd  ALU.AX :
    * RECEIVED FORMAL COMMUNICATION FROM AUSTRALIAN TAX OFFICE
AFTER
CLOSE OF MARKET ON 18 NOV
    * UNDERSTANDS THAT ATO INDICATED THAT IT WILL COMMENCE
ROLL-OVER
AUDIT OF SUBSEQUENT 2019 TO 2021 TAX YEARS
    * BASED ON COMMUNICATION, ATO INTENDS TO PROCEED WITH
ISSUING
AMENDED ASSESSMENTS FOR 2016 TO 2018 TAX YEARS OF AU$80.0
MILLION
    * DISAGREES WITH ATO AND BELIEVES ATO POSITION BASED ON
MISPERCEPTION OF SUBSTANCE THAT UNDERPINNED CO'S RELOCATION TO
CHINA IN 2011
    * CONTINUES TO ENGAGE EXTERNAL LEGAL ADVISERS IN RELATION TO
MATTER AND WILL REQUEST INDEPENDENT INTERNAL REVIEW OF DECISION
BY ATO
    * ATO INDICATED IT WILL START A ROLL-OVER AUDIT OF
SUBSEQUENT 2019
TO 2021 TAX YEARS, ON SAME BASIS
    * INTENDS TO VIGOROUSLY DEFEND ITS POSITION AND IF
NECESSARY,
CONTEST MATTER THROUGH LITIGATION PROCEEDINGS

Source text for Eikon:  ID:nASX8wY2cs 
Further company coverage:  ALU.AX