The Australian Taxation Office (ATO) has acknowledged the announcement by Ampol Limited (Ampol) that it has reached a settlement with the ATO for $157 million.
ATO Deputy Commissioner Rebecca Saint welcomed the ASX announcement from Ampol, noting the settlement shows the ATO’s commitment to working with multinationals to ensure full compliance with the Australian tax regime.
The settlement resolves the dispute for past years back to 2014 for $157 million. Importantly, it also locks in the tax outcomes of the arrangement out to 2033. The settlement covers the transfer pricing outcomes of refined products and crude oil between Ampol Singapore and Ampol Australia as well as how Australia’s controlled foreign companies regime will apply to the profits of Ampol Singapore.