Viva receives State Revenue Office of Victoria assessment

Company News

by Anna Napoli

Viva Energy Group (ASX:VEA) has received a $31.2 million assessment from the State Revenue Office of Victoria (SRO).

The amount claimed is in relation to the transfer of various properties effected just before the completion of the Viva Energy REIT IPO in August 2016.

Pursuant to arrangements made at the time any such costs are payable by Viva Energy Australia (ASX:VEA).

The company doesn't agree with the position taken by the SRO and plans to lodge an objection with the Commissioner of State Revenue.

Should the objection be rejected, Viva expects that the assessment would be treated as a significant one-off item, that would adversely impact their net profit after extraordinary items for the year ending 31 December 2018.

Shares in Viva Energy Group (ASX:VEA) are trading is 0.85 per cent higher to $2.36.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.