Australia's Hardie wins appeal against tax bill

MELBOURNE: Building materials maker James Hardie Industries won its appeal against a A$368 million ($384 million) tax bill, it said on Monday.

The Australian Taxation Office has 28 days to apply to the High Court of Australia to appeal the Federal Court's decision.

The tax office has argued Hardie owes A$368 million on capital gains from a company restructuring in 1998.

Hardie has paid half the amount plus interest, pending the outcome of its appeal. If the tax office does not seek leave to appeal the decision, it will have to refund Hardie A$242 million plus interest and a portion of its legal costs, Hardie said.

Copyright Reuters, 2011