Alumina has run into issues with the Australian Tax Office following a review of transfer pricing arrangements with the AWAC JV.
The claim relates to a 20 year period and the ATO is claiming an additional tax of $200M plus interest. Other penalties may also be due and will be further communicated to the JV next month.
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We forecast FY21 EBIT to increase to $350m, supporting a forward yield of 6%.
