James Packer’s Crown Resorts is going to fight amended assessments from the Australian Taxation Office of $250 million.
The bill, including primary tax and interest for the financial years ending June 2009 to 30 June 2014, relate to the tax treatment of some of the financing for Crown’s investment in Cannery Casino Resorts and other investments in the US.
“Crown is a significant taxpayer in Australia and disputes the amended assessments,” Crown says.
“Crown considers that it has paid the correct amount of tax and intends to pursue all available avenues of objection.”
Cannery Casino Resorts, with four casinos, was to be the main vehicle into the US market but the GFC intervened and Packer pulled back his investment, taking a 24.5% stake instead of a takeover.
Packer has 53% of Crown and is reportedly to be considering taking the business private again.
Crown shares are up 1.25% to $11.36.