NZ 1 Westpac 0 ?????

Westpac Banking Corporation Ltd shares have been placed in a trading halt, pending the release of a statement on the outcome of a tax-related court case in New Zealand.

According to the bank, the New Zealand High Court is set to deliver its verdict on Wednesday, however a binding order from the court means that no announcement will be made until October 8.

"The trading halt is necessary as Westpac will be making an announcement in relation to the outcome of the court case on New Zealand Structured Finance Transactions between Westpac and New Zealand Inland Revenue Department (IRD)," Westpac said on Wednesday.

Analysts have flagged that Westpac could face a potential bill of $NZ903 million ($A728.28 million), while The Australian Financial Review newspaper said a rise in the interest charge on the original claim has pushed the figure close to $NZ996 million.

The legal stoush between Westpac and the New Zealand tax authorities started on June 30.

One thing, Westpac should take heed of the fact the NZ IRS is notorious and there have been cases of people committing suicide because of the way they come after you, kind of makes our ATO look like little furry kittens in comparison.

good trading

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