The Institute of Public Accountants, The Tax Institute and Chartered Accountants Australia and New Zealand have cautioned the ruling will have far-reaching consequences for the super sector and say it should be narrowed to the law’s original intent.
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Changes to legislation regarding non-arms length expenditure “won’t please many” who are dealing with the payments, according to Heffron, and there are still issues to be deciphered in the ruling.
The move to unwind its controversial dual-listed structure will make it easier for BHP to make the large-scale acquisitions it might need to offset the loss of petroleum from its portfolio after the Woodside deal.