Business Services Industry
Industry awaits tax buyback paper.
Australasian Business Intelligence, July, 2007
Byline: Fleur Anderson
Jul 09, 2007 (The Australian Financial Review - ABIX via COMTEX) -- A discussion paper on the favourable taxation treatment of off-market share buybacks in Australia is expected to be released around mid-July 2007. The concession cost the Australian Taxation Office $A452m in 2006 and possibly $A1bn within a few years. The discussion paper, from the Board of Taxation, will call for submissions ahead of public consultations. Meanwhile the Australian Securities & Investments Commission moved on 9 July 2007 to stop a company trading as Share Buyback Group making unsolicited offers presented as regulated buybacks.
Publication Date: 10 July 2007
AUSTRALIA. BOARD OF TAXATION
AUSTRALIAN TAXATION OFFICE
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