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 OZschwitz: Extortionist tax office gunning for Hardie

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RR Phantom

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OZschwitz: Extortionist tax office gunning for Hardie Vide
PostSubject: OZschwitz: Extortionist tax office gunning for Hardie   OZschwitz: Extortionist tax office gunning for Hardie Icon_minitimeFri Sep 18, 2009 8:07 pm
THE Australian Taxation Office has wrapped up a $368 million capital gains tax challenge to James Hardie by urging the Federal Court to find the company prepared ''disingenuous and contrived'' paperwork to obscure an alleged connection between two 1998 transactions.

In response, the company's lawyers argued that James Hardie had ''a real commercial rationale'' for the first transaction, and that it was not linked to the second transaction.

Justice Margaret Stone finished hearing the case on Thursday and her decision will affect not only the company's shareholders, but also the asbestos compensation fund it set up in 2007.

LNK
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