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Barrick Gold loses $55m 'land rich' tax fight in High Court

Dec 06, 2018 - Australian Financial Review

Global mining giant Barrick Gold is liable for a $55 million stamp duty bill after a High Court decision that could affect landholder assessments across Australia.

The West Australian tax commissioner hit Barrick Gold with "land rich" stamp duty on its $15 billion takeover of Placer Dome in 2006, and if the miner had won its challenge it would have paid minimal or no tax.

At issue was the tax office's "top-down" approach to valuing the land, which doesn't allow for goodwill or other ...