Health and Happiness Unit Files Court Appeal Over Australian Tax Assessment
Health and Happiness International's (HKG:1112) Australian subsidiary, Biostime Healthy Australia, has filed an appeal in the Federal Court of Australia seeking to overturn a tax objection decision, according to a July 10 filing with the Hong Kong bourse.The dispute stems from an Australian Taxation Office audit of the value of intellectual property and other assets transferred as part of the group's 2018 integration initiatives.Following a partial allowance of the subsidiary's objection, the Australian Taxation Office reduced the disputed primary tax assessment to AU$208.1 million from AU$234.5 million, and the penalty to AU$104 million from AU$117.3 million.Biostime Healthy Australia also intends to commence separate proceedings before the Administrative Review Tribunal to seek a review of the previously disclosed penalties and interest.If the appeal succeeds, Biostime Healthy Australia will be entitled to a refund of its AU$104 million cash deposit, together with interest.
