Hardie's tax deduction on payout in doubt
Date: 6/6/2005
Author: Fiona Buffini
Source: The Australian Financial Review --- Page: 5
The James Hardie Industries building materials company in Australia is still grappling with its asbestos liabilities. It is not clear if James Hardie will be able to get a tax deduction for the $A1.5 billion it is due to pay as compensation for its asbestos victims. James Hardie has asked for a ruling on this from the Australian Taxation Office (ATO). If the ATO refuses to give a tax deduction, then James Hardie might have to pay hundreds of millions more in tax. James Hardie is due to sign its voluntary compensation deal in July 2005. When it legally cut off its asbestos subsidiaries in 2001, it may also have cut off its right to claim a tax deduction for the compensation.
hardie's tax deduction on payout in doubt
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