Westpac says new major tax to impact 2H17 by $65M after tax

Company News

by Jessica Amir

Westpac Banking Corp (ASX:WBC) says the new major bank tax announced in the Federal Budget, would cost the group around $370 million or around $260 million after tax, on an annualised basis.

The bank says the exact cost depends on the final form of the legislation passed and the composition of Westpac’s liability.

However, it would also result in a new cost in the second half of 2017, of about $65 million after tax.

The bank says calculations of the announced 0.06% Government levy are based on its impacted liabilities of $615 billion as at 31 March 2017.

Share in Westpac Banking Corp (ASX:WBC) are trading 1.07% higher to $31.18.
 

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