Shocking Court Decision Forces Spark to Reduce Distributions
The Federal Court has sided with the Australian tax office and decided Victoria Power Networks (49% owned by Spark) must pay tax on customer contributions. This controversial decision will impact the entire industry, including Spark’s other assets, unless successfully appealed. We have long maintained earnings from customer contributions are an accounting quirk and do not represent real earnings, so are surprised with this decision.The unfavourable court decision caused Spark to downgrade 2019 ...
Spark Infrastructure is engaged in investing in regulated electricity distribution and transmission businesses in Australia. Co. reportable segments are: Victoria Power Networks, which represent the 49.0% interest in two electricity distribution businesses in Victoria; SA Power Networks, which represent the 49.0% interest in the electricity distribution business in South Australia; TransGrid, which represent the 15.01% interest in the electricity transmission business in New South Wales; and Other which represents the economic interest in DUET Group, an Australian Securities Exchange listed entity head quartered in New South Wales.
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