The Treasurer, Peter Costello, welcomed the announcement by James Hardie that it has finally reached agreement with the Australian Taxation Office (ATO) on the taxation issues relating to funding arrangements for asbestos compensation.
The Treasurer congratulated all parties involved in reaching an outcome that finally removes the remaining obstacles to ratifying a landmark compensation deal for asbestos victims.
The Treasurer reiterated that the current tax outcome for funding the liabilities was reached following a due process of deliberations between the ATO and James Hardie and the NSW Government. James Hardie has not been singled out for special tax treatment and the treatment of James Hardie is consistent with the treatment that would be accorded to other corporations that meet their asbestos liabilities claims.
The Government urges James Hardie and the NSW Government to now move forward swiftly to conclude the Final Funding Agreement so that James Hardie can honour the obligation to fully compensate asbestos victims.