Dispute with Taxation Office Puts Mesothelioma Fund at Risk

The Australian Tax Office and James Hardie Industries Ltd are in the middle of a $240 million tax dispute that could affect the newly created Asbestos Industries Compensation Fund.

The fund was created by James Hardie in order to cover asbestos liabilities to former employees suffering from the effects of asbestos exposure. The fund paid out nearly $69 million to cover claims and operating costs over the last year while generating $10 million in investment income. This leaves the fund with $125 million from the original $184 million set aside in February 2007.

In a funding agreement with the government of New South Wales, James Hardie agreed to make annual payments that will allow the fund to retain a two to three year cushion. This year the company will contribute an additional $115 million which will put the fund close to a three year buffer. However a company statement said that the tax dispute and recent economic downturn in the United States may affect cash flow and limit the amount of money it can contribute to the AICF.

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