ResMed reserves $US255m for possible ATO settlement
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A $US255 million ($327 million) provision for a tentative settlement with the Australian Tax Office pushed ResMed’s bottom line into the red in the third quarter.
The tax issue has been hanging over the medical equipment company since 2018, when the ATO slapped ResMed with a full audit from 2009 to 2013, and ordered it to pay up, following a transfer pricing dispute.
“This allows all of us to focus on our core business”: ResMed chief executive Mick Farrell.
Net loss for the quarter was $US78.5 million, mostly due to the additional income tax reserve of $254.8 million.