Supreme Court of New Zealand
14 April 2008
MEDIA RELEASE – FOR IMMEDIATE PUBLICATION
WESTPAC BANKING CORPORATION LIMITED v COMMISSIONER OF INLAND REVENUE AND OTHERS
(SC 66/2007)
ANZ NATIONAL BANK LIMITED AND OTHERS v COMMISSIONER OF INLAND REVENUE
(SC 67/2007)
[2008] NZSC 24
PRESS SUMMARY
This summary is provided to assist in the understanding of the Court’s judgment. It does not comprise part of the
reasons for that judgment.
The full judgment with reasons is the only authoritative document. The full text of the judgment and reasons can be
found at www.courtsofnz.govt.nz.
Westpac and ANZ National, along with other trading banks, are in litigation with the Inland Revenue Department over
assessments of their income tax liability that were made on the basis that certain structured financing transactions
they entered into involved tax avoidance. The substantive litigation is in its preliminary stages in the High Court.
The Supreme Court has today delivered judgment in appeals which raised questions concerning legislation which requires
the Inland Revenue Department to maintain secrecy in respect of taxpayers’ records. Westpac and ANZ National challenged
the Commissioner of Inland Revenue’s intention, in the litigation involving those banks, to use documents concerning
financing transactions entered into by other banks. The Supreme Court has held, unanimously, that exceptions in tax
secrecy legislation permit the use for evidential purposes of such documents by the Commissioner in litigation, if they
are relevant and that use is reasonably necessary for the Commissioner’s case. That is so even though information held
by the Department concerning taxpayers other than the particular litigant banks is involved. The Supreme Court’s
judgment upholds earlier findings of the Court of Appeal and High Court.
ENDS
See... Judgment: SC_66_and_67_2007_WESTPAC_v_CIR.pdf