A third bid for Warrnambool Cheese and Butter; ATO targets SMSF ‘holidays’: Midday Roundup

Victorian-based diary processor Murray Goulburn has lobbed a rival $420 bid for listed rival Warrnambool Cheese and Butter.

That makes it the third bidder for WCB, after Bega and Canadian dairy company Saputo also made offers.

At $420 million, Murray Goulburn’s offer is the highest bid so far, with Saputo previously offering $390 million. Murray Goulburn already owns 18% of WCB.

ATO to target SMSF ‘holidays’

The ATO has long warned of people using their self-managed superannuation funds to buy property, but it’s got a new concern.

ATO assistant commissioner Matthew Bambrick told The Australian the ATO was also concerned about people using their SMSFs to fund holidays.

“We are getting quite interested in arrangements involving holiday travel claimed as investment expenses by SMSF trustees,” he told the newspaper.

The ATO is concerned financial advisers are using holidays in exotic locations to lure SMSF investors into property purchases, which the ATO see as a tax-avoidance scheme.

Shares up on open

The Australian share market is approaching a five-year high this morning with shares opening higher.

The S&P/ASX200 benchmark was up 31.2 points to 5314.3 at 12:16pm AEDT. The Dow Jones closed down 2.18 points yesterday at 15,371.65.

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