Hardie held liable for tax bill
A Federal Court of Australia ruling last week found the James Hardie Group liable for a $412 million tax bill.
Justice Margaret Stone found a global restructure of the James Hardie Group in 1998 breached tax law as it included transactions designed to avoid Australian tax payable on a capital gain.
Under a 2004 agreement, James Hardie is bound to pay 35% of its annual cashflow to the Asbestos Injuries Compensation Fund.
In 2007 the company paid $184 million – 50% of the total amended assessment – to the Australian Tax Office.
A company statement said it is “considering the decision and its position with regard to any appeal”.
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