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Description of Contingent Assets

Quantifiable contingent assets over $100 million

Legal proceedings and disputes

Tax disputes

A contingent asset is recognised when the IRD has advised 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 cash collectable from the disputes process based on experience and similar prior cases, net of losses carried forward.

$106 million at 31 March 2016 ($103 million at 30 June 2015)

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