Cape Lambert Resources settles ATO dispute

Perth-based exploration company Cape Lambert Resources has reached a $2.4 million settlement with the Australian Tax Office, putting an end to a more than two-year tax dispute.

Tess Ingram

Updated Aug 2, 2014 – 2.44am, first published at Aug 1, 2014 – 2.51pm

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Cape Lambert Resources has reached a $2.4 million settlement with the Australian Tax Office, putting an end to a more than two-year tax dispute.

The ATO hit the Perth-based explorer with a $96 million claim in 2012 over payments from Chinese engineering contractor MCC, stating “tax should have been paid on the contingent proceeds arising from the transaction".