Financial boost for Tabcorp

Tabcorp CFO Damien Johnston announced Tuesday that the Australian Taxation Office has allowed a company claim for refunds of Goods and Services Tax (GST) paid by Tabcorp’s Victorian and NSW wagering businesses.

As a result, Tabcorp will record a benefit of A$14.3 million after tax in its accounts for the half year ending 31 December 2012.

The refunds relate to GST paid between May 2006 and March 2010 on wagering turnover derived from overseas based customers. The GST law allowing such claims was amended and, as such, no claims are possible for subsequent periods.

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