16 Oct 2009

ASB estimates tax case exposure at $285m

10:36 am on 16 October 2009

ASB Bank has estimated its exposure in a tax avoidance case with the Inland Revenue Department is $285 million.

The bank's owner, Commonwealth Bank of Australia, disclosed the amount to the the Australian share market.

The High Court in Auckland last week found Westpac is liable for $961 million in tax and interest for using structured finance transactions between 1998 and 2002 to avoid paying tax.

Commonwealth Bank of Australia says the amount of exposure it has estimated is for tax assessments between 2001 and 2004, and includes interest.