{"id":777009141,"date":"2023-09-12T08:45:57","date_gmt":"2023-09-12T11:45:57","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777009141"},"modified":"2026-04-22T18:10:22","modified_gmt":"2026-04-22T21:10:22","slug":"tabcorp-to-receive-us53-4m-refund-from-ato","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/tabcorp-to-receive-us53-4m-refund-from-ato","title":{"rendered":"Tabcorp to receive US$53.4m refund from ATO"},"content":{"rendered":"\n

Tabcorp has settled a tax dispute with the Australian Taxation Office.<\/p>\n\n\n\n\n\n\n\n

Australia.-\u00a0Tabcorp\u00a0has settled an income tax dispute with the Australian Taxation Office (ATO). It has paid the disputed tax liabilities and interest and\u00a0will receive a refund of approximately AU$83m (US$53.4m), equivalent to 20 per cent of the disputed amount. All pending proceedings will be dismissed.<\/p>\n\n\n\n

According to a company filing, in accordance with the terms of the Separation Deed dated March 25 2022,\u00a0Tabcorp will also disburse approximately AU$37m (US$23.8m) to The Lottery Corporation Limited (TLC). Tabcorp anticipates recognising an AU$45m benefit after tax in its financial statements for the fiscal year ending June 30 2024.\u00a0The company said this benefit will be treated as a significant item.<\/p>\n\n\n\n

The settlement also outlines an agreement regarding the treatment of future licence fees payable for renewals of existing licences. The company said: “Subject to agreed limitations, Tabcorp must treat the fees as being of a capital nature. Tabcorp does not believe this will have any material effect on future results.”\u00a0<\/p>\n\n\n\n

Tabcorp posts revenue of US$1.58bn for FY23<\/h2>\n\n\n\n

In August, Tabcorp shared its financial results for the financial year ended June 30. Revenue from continuing operations was AU$2.43bn (US$1.58bn), up 2.6 per cent year-on-year<\/a>. <\/p>\n\n\n\n

Group EBITDA was AU$391m, up from AU$381.6m. Statutory net profit after tax (NPAT) was AU$66.5m. Statutory net profit before income tax, net finance costs and equity accounted investment was AU$117.9m, compared to a loss of AU$75.1m in last year.<\/p>\n\n\n\n

Wagering and media revenues were AU$2,230.8m, up 2.2 per cent. Revenues from wagering increased by 1.9 per cent to AU$1,761.1m. TAB cash wagering revenues were AU$818.4m, up 25.1 per cent, as customers returned to venues post Covid-19 lockdowns and retail closures.<\/p>\n\n\n\n

TAB digital wagering revenues were AU$942.7m, down 12.2 per cent, impacted by a softening digital wagering market. Tabcorp reported a 3.4 per cent increase in media and international revenue to AU$469.7m. This was attributed to higher revenue from vision exports and new digital distribution agreements. Gaming services revenues were AU$203.6m, up 5.5 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tabcorp has settled a tax dispute with the Australian Taxation Office.<\/p>\n","protected":false},"author":176,"featured_media":19875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Tabcorp has resolved a significant income tax dispute with the Australian Taxation Office, resulting in an AU$83m refund and an anticipated AU$45m after-tax benefit for FY24. The settlement also includes a disbursement to The Lottery Corporation Limited and an agreement on the capital treatment of future licence fees. The company's FY23 results showed revenue growth, driven by retail wagering recovery, despite a softening digital market.","focusai_entities":"Tabcorp, Australian Taxation Office, The Lottery Corporation Limited","focusai_location":"Australia","focusai_target_profile":"ceo_executive (0.9), compliance_legal (0.8), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Future Tax Strategy Impact?","query":"How will the agreed-upon capital treatment of future licence fees impact Tabcorp's long-term tax strategy and reported profitability beyond the immediate FY24 benefit?"},{"label":"TLC Disbursement Details?","query":"What are the specific implications of the AU$37m disbursement to The Lottery Corporation Limited, and how does this align with the original Separation Deed's financial covenants?"}],"footnotes":""},"categories":[16336,157],"tags":[13716],"class_list":["post-777009141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-tabcorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777009141"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009141\/revisions"}],"predecessor-version":[{"id":777009169,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009141\/revisions\/777009169"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19875"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777009141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777009141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777009141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}