Victims Compensation in Debate

Article Added June 28th, 2006 - Print This Story - Bookmark This Story

The newest battle for asbestos victims compensation is not when or how much they will be paid, but who will be footing the bill. British legislation is now debating who takes care of victims’ compensation.

The James Hardie Special Purpose Fund is under debate within the Australian Tax Office. Set up to pay compensation for asbestos victims, the ATO ruled that the fund is not a charity, making the compensation open to taxation. James Hardie set up the fund as a charity in order to receive a tax break while investing the remaining funds and making money off it. The ATO ruled that the if the funds were not being paid out and were being invested, then tax should be paid.

Hardie says that he will try to back out of the deal for the fund if the taxation status was not changed, although the ACTU says they will not allow that. The issue arose after Hardie was ordered to compensate his workers that had developed asbestos-related diseases due to exposure on the job. The compensation would amount to more than $1 billion over the next 40 years and would apply to mesothelioma victims and their families.

Article Added June 28th, 2006 - Print This Story - Bookmark This Story

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