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Two units of Queensland real estate firm Coronis have lost a fight with the tax office over service fee deductions claimed for payments to related entities for the use of the Coronis trade mark, among other trust assets.
The Australian unit of drug giant Mylan has triumphed in a dispute with Australian Taxation Office, with a judge finding the ATO's assessment for 2020 was "excessive" with respect to interest on loans to fund Mylan's $1.2 billion acquisition of generic drug maker Alphapharm.
Supermarket giant Coles has lost an appeal over $40 million in tax credits it had claimed for fuel that evaporated or leaked from tanks at its service stations, after a judge described the supermarket giant’s argument as “artificial”.
A claim by Coles for $40 million in tax credits for fuel that evaporates or leaks from the 3,000 tanks at its service stations -- based on an argument that the company buys extra fuel to account for the loss -- is "completely unreal", a lawyer for the tax office told a court Monday.