Tag: Westpac

New Zealand vs Australian-owned banks – ANZ, ASB, BNZ and Westpac

New Zealand vs Australian-owned banks – ANZ, ASB, BNZ and Westpac

In 2009, New Zealand’s tax authorities made an out of court tax settlement of $2.2 billion. Australian-owned banks – ANZ, ASB, BNZ, and Westpac – agreed to recognise a extra tax bill of $2.2 billion between them, they avoided via deliberately complicated structured financial transactions. The Four banks entered the settlement after two of them had been to court and lost. Westpac Banking Corporation v Commissioner of Inland Revenue, Feb 2009 BNZ Investments Ltd v Commissioner of Inland Revenue, July 2009 ... Continue to full case