ASB's $285m tax bill

ASB Bank's exposure to tax liabilities from disputed structured finance transactions is less than a third of rival bank Westpac's $961 million.

ASB's parent, Commonwealth Bank of Australia (CBA), yesterday disclosed to the ASX that the tax in dispute with the Inland Revenue Department (IRD) in New Zealand involving the transactions is $285 million. That included interest and was for tax assessments between 2001 and 2004.