Description of Contingent Assets
Quantifiable contingent assets over $100 million
Tax disputes
A contingent asset is recognised when IRD has advised, or was about to advise, a taxpayer of a proposed adjustment to their tax assessment. The taxpayer has the right to dispute this adjustment and a disputes resolution process can be entered into. The contingent asset is based on the likely outcome of the disputes process based on experience and similar prior cases.
$283 million at 31 March 2013 ($150 million at 30 June 2012)
