Business briefs

Business tax change
Nanjing Night Net

[BB] CANBERRA – The time for making or revoking “tax elections” that affected the taxable income of businesses would be extended, assistant treasurer Mal Brough said yesterday. Mr Brough said that consolidated groups lodging their tax returns would now have until December 31, 2005, to make or revoke tax elections that affected their taxable income.

He said that the changes would cover the election to retain existing tax cost for assets or reset their tax cost, the election to utilise certain losses over three years or the election to cancel a loss on the transfer of a loss.

But the election to form a consolidated or multiple entry consolidated group will remain irrevocable.

Orica expansion

MELBOURNE – Chemicals and explosives group Orica has further expanded its global chemicals network by acquiring a 51 per cent stake in South American chemicals firm Andean Chemicals Group for $8.3 million.

ACG develops, manufactures and distributes raw materials and other specialty chemicals to the resin, paper, cosmetics, pharmaceuticals, detergents, food and refrigerants industries.

Last month, Orica acquired specialty chemicals distributor Woods and Woods for $25 million.

Orica shares were 41c lower at $20 yesterday.

IMD debuts at 21c

SYDNEY – Medical equipment company IMD Group yesterday listed on the sharemarket in a key step towards starting production of its retractable syringes.

IMD Group’s shares hit the boards at 21c but closed back at their issue price of 20c.

The group, which also manufactures syringe disposal containers, floated after raising $5 million through the issue of 25 million shares.

The Sydney-based company plans to put the new funds towards the manufacture of its range of retractable syringes, as well the finalising of regulatory approvals.

Europcar buy-out

ADELAIDE – A management consortium has bought the Australian franchise of car rental company Europcar for an undisclosed amount.

The group has also secured the Asia-Pacific franchise rights from the Paris-based group Europcar International in a deal announced in Melbourne yesterday.

The buy-out includes the acquisition of existing Europcar operations in Australia, Indonesia, Malaysia, New Zealand, Pakistan, Sri Lanka and Singapore.

It also includes the rights to set up franchises in 20 other markets including the Philippines, South Korea, Taiwan, Thailand and Vietnam.

This story Administrator ready to work first appeared on Nanjing Night Net.