Description of Contingent Assets
Quantifiable contingent assets over $100 million
Insurance claims in respect of the Canterbury earthquakes
A number of entities within the government reporting entity have insurance proceeds receivable from claims in respect of the Canterbury earthquakes. Some of these have been quantified; however, there are other entities that have not yet been able to quantify these amounts.
$166 million at 31 October 2012 ($166 million at 30 June 2012)
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.
$149 million at 31 October 2012 ($150 million at 30 June 2012)
