17/07/2008 - 10:02

AHG lodges GST claims with tax office

17/07/2008 - 10:02

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West Perth-based Automotive Holdings Group has lodged several claims with the Australian Tax Office regarding overpaid goods and services tax of up to an estimated $7 million in total.

AHG lodges GST claims with tax office

West Perth-based Automotive Holdings Group has lodged several claims with the Australian Tax Office regarding overpaid goods and services tax of up to an estimated $7 million in total.

The group confirmed it had lodged the claims for overpaid GST in respect of holdback payments, or GST refund, made since 2000.

Following the recent Federal Court decision of KAP Motors Pty Ltd v Commissioner of Taxation, AHG said the Tax Office released a decision impact statement allowing motor vehicle dealers to claim such a GST Refund.

AHG said the GST refund claims are being made for the financial years ending 30 June 2000 through 30 June 2005 and these amounts will be taken up in its financial statements for the years ending 30 June 2008 and 30 June 2009.

Although the full amount of the GST refund is ultimately uncertain at this stage, AHG estimated that it will be approximately $5.5 million - $7 million (net of costs, after tax) in total, with approximately $4 million - 5 million (net of costs, after tax) to be taken up in the financial year ending 30 June 2008 and the balance in the financial year ending 30 June 2009.

Due to the approximate nature of the claims and the position of the Australian Taxation Office in relation to all claims detailed in its decision impact statement, AHG notes that the final GST Refund received during these financial years may differ to the amounts identified above.

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