Business Services Industry
Hardie fund's tax resolved.
Australasian Business Intelligence, November, 2006
Byline: Fiona Buffini and Mark Skulley
Nov 09, 2006 (The Australian Financial Review - ABIX via COMTEX) -- An end to the long-running asbestos compensation battle involving building products company James Hardie Industries (JHI) appears close. The Australian Taxation Office has ruled the company's new $A1.5bn compensation fund will not be taxed on its earnings, saving it about $A100m. JHI chairperson Meredith Hellicar had recently declared this was the last issue to be resolved. The JHI board, shareholders, bankers and the New South Wales Government must approve the arrangement. The fund will cover asbestos victims who become sick over the next 40 years. Unions, lawyers and asbestos sufferers hailed the decision. A shareholder vote is expected in February...
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