Beverage maker Foster’s Group (ASX:FGL) has won an appeal against an ATO tax assessment which could have cost it up to $546 million.
Foster’s had disputed tax assessments related to the financing of the Elders Finance Group in the 1980s and 1990s, the company said.
But it added that the Australian Commissioner for Taxation still has the right to appeal the decision.
“We welcome the Federal Court’s decision,” Foster’s CFO Angus McKay said. “We have always been confident in our position and hope this matter will be brought to a swift resolution.”