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“AFR understands the ATO's view to be that miners are entitled to claim a 100 per cent mark-up on offshore marketing costs, but a 1000 per cent mark-up is excessive”. Personally I think a 100% mark up for marketing is generous if you look at pure marketing firms ROI. Who gets 1k?
I’m confused 
Where do they get 100% (or 1000%?) markup figures from. Article says 4% discount on LME
It’s the profit relative to the operating costs of the hub. So discount from LME is one thing but ATO’s main measure is return on OPEX of hub. 100% return is ok, higher triggers inquiry.
P.s I was unclear if Glencore’s markup is actually 1000%, or whether they are just saying that 100% is reasonable and 1000% is excessive.
Ah. I see what you mean. Sounds like '1000% mark up' was maybe a throw-away figure from someone at ATO explaining it to the journalist?
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