Tabcorp settles with Victorian govt

Australia’s Tabcorp said it expects an income tax benefit of about A$128.9 million ($102 million), which will be recorded as a significant item in its accounts ending June 2015, as a result of a settlement with the Victorian government over income tax.

The accord relates to the $597.2 million paid by Tabcorp to the state in in 1994 related to gaming and wagering licenses.

Tabcorp was given an allowable deduction of $429.6 million in the settlement, resulting in a capital loss of $167.6 million.

Tabcorp also  confirmed its dividend payout for 2015 will be 90 percent of normalized profit after tax, excluding items.