Rich pickings for the richest!

James Packer's Publishing & Broadcasting is not only not paying any tax on last year's media sell-down to private equity - it even managed to get a tax credit.

Announcing its full-year profit yesterday, PBL posted a $1.53 billion gain from selling a half stake in most of its media businesses, including Nine Network and ACP Magazines, to buyout firm CVC Asia Pacific. Tax experts and analysts were mystified how PBL managed to book a $3 million tax credit from the sale, rather than having to pay capital gains tax of 30 per cent.

"It's surprising that when they make a gain of that magnitude, they don't appear to have a tax liability," said Ann O'Connell, an associate professor at the University of Melbourne's Law School, who teaches courses on capital gains tax.

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