Cleanaway Waste Management Ltd has informed about amended income tax assessments

Cleanaway Kalkine Media

Amended income tax assessments: Cleanaway Waste Management Ltd (ASX: CWY), has informed the investors that the Australian Taxation Office has allowed an objection to the FY13 tax return, which will result in amended assessments to the FY13 to FY17 tax returns related to the depreciation deductions with respect to previous landfill acquisitions.

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CWY is Australia’s leading total waste management, industrial and environmental services company. Further, as per the amended assessments, there will be an increase in the deferred tax asset on the balance sheet of approximately $18 million, there will be a reduction to the FY18 tax expense of approximately $18 million and there will be cash tax refunds of approximately $29 million, of which $4.4 million was received in FY18 and the balance received lately. Overall, due to the amended income tax assessments the company will reduce tax expense and cash tax refunds. CWY stock has risen 13.65% in three months as on August 06, 2018.

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