Business Services Industry
Plantation outlook helped by tax rule.
Australasian Business Intelligence, June, 2002
Jun 07, 2002 (The Age
ABIX via COMTEX) -- Australian Growth Limited hopes a new tax ruling will encourage investors when the company lists on the sharemarket on 21 July 2002. Managing director, Brian Mangano, said the float would be the first by a plantation company since two failed attempts in 2000. Australian Growth however, has the Australian Taxation Office (ATO) on its side. The ATO recently ruled that investors in timber projects could claim a full tax deduction up to 12 months before management spent the funds. This allows for the agricultural cycle, which does not necessarily equate to the financial year. Australian Growth hopes to raise $A4.2 million when it releases nine million shares. It has forecast earnings of $A0.12 per share.
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