A Federal Court of Australia ruling last week found the James Hardie Group liable for a $412 million tax bill.

Justice Margaret Stone found a global restructure of the James Hardie Group in 1998 breached tax law as it included transactions designed to avoid Australian tax payable on a capital gain.

Under a 2004 agreement, James Hardie is bound to pay 35% of its annual cashflow to the Asbestos Injuries Compensation Fund.

In 2007 the company paid $184 million – 50% of the total amended assessment – to the Australian Tax Office.

A company statement said it is “considering the decision and its position with regard to any appeal”.