James Hardie wins Australian capital gains tax battle
10 February 2012
Jack Grocott
The Australian High Court has ruled that buildings manufacturer James Hardie did not owe capital gains tax as a result of a 1998 restructuring.
Six years after the dispute began, the court refused an application by the Australian Taxation Office (ATO) for special leave to appeal a Full Federal Court decision handed down last August.
The ATO assessed the company with an A$368 million ($385 million) tax bill in 2006 as a result of an internal restructuring undertaken by RCI Pty Ltd, a subsidiary of James Hardie.
James Hardie confirmed that the ATO is now obliged to refund A$248 million plus interest, which the company estimates to be approximately A$63...
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