Shell sues ATO over claim it was short-changed $99m in CGT bill
The biggest company traded on the London Stock Exchange, Shell, is pushing an Australian court to clear it of $99 million in allegedly unpaid taxes that stem from its $3.5 billion exit from the former Woodside Petroleum.
The 2017 share sale ended Shell’s more than 30-year investment in Woodside, completing a near decade-long effort to reduce its 35 per cent shareholding to nil. The sale of its final 13.3 per cent stake netted Shell about $3.5 billion, but the commissioner of taxation ruled in February it had understated its profits from the sell-down.
Loading...
A previous version of this story incorrectly stated Shell paid $US37 million in Australian income tax last year. That figure was updated to reflect $US1.3 billion was paid, according to Shell.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Tax & super
Fetching latest articles