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Settles Tax Dispute with Australian Taxation Office

Document date:  Fri 21 Feb 2003
Published:  Mon 24 Feb 2003 12:52:14
Document No:  201169
Document part:  A
Market Flag:  N
Classification:  Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2003-02-21  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ SETTLES TAX DISPUTE WITH AUSTRALIAN TAXATION OFFICE

ANZ today announced it had settled its outstanding tax dispute with
the Australian Taxation Office (ATO) relating to equity product
transactions during the period 1996-2002. 

The settlement was reached on Friday evening and involves payment of
A$262 million to the Australian Taxation Office which will be met
from ANZ's existing tax provisions. The settlement will not impact
ANZ's 2003 financial results.

ANZ Chief Financial Officer, Mr Peter Marriott said: "Today's
settlement puts a long-running taxation issue behind us. In view of
the potential contingent liability this dispute represented, we are
pleased to have settled the matter at an acceptable level and within
our existing taxation provisions.

"This tax dispute was the most material remaining issue from the
1990s. It related to former investment banking businesses we exited
some time ago and ANZ no longer engages in these types of
transactions.

"We had hoped to be in a position to announce the settlement in our
market update announcement earlier today however the deed was only
finalised after close of business today," Mr Marriott said. 

The dispute between ANZ and the ATO has been previously disclosed and
related to the taxation treatment of securities lending, equity swaps
and other similar kinds of transactions dating back to the mid-1990s.


For media enquiries, contact:
Paul Edwards
HEAD OF GROUP MEDIA RELATIONS
Tel: 0409-655 550
Email: edwardp12@anz.com

For analyst enquiries, contact:
Stephen Higgins
SENIOR MANAGER INVESTOR RELATIONS
Tel: 03-9273 4282 or 0417-379 170
Email: higgins@anz.com