Original article by Ben Butler
The Australian – Page: 13 : 18-Dec-17
The Australian Taxation Office is understood to have reached settlements with 12 multinational companies in regard to related party debt. The value of the borrowings in question is put at $A75 billion. ATO Deputy Commissioner Jeremy Hirschhorn says the term of the settlements provide for future tax revenues, as well as resolving past disputes. He says the ATO is now working with an additional 60 taxpayers, with the value of their related party debt accounting for around $A120 billion.
AUSTRALIAN TAXATION OFFICE, FEDERAL COURT OF AUSTRALIA, CHEVRON AUSTRALIA PTY LTD