Share Buy-Backs and Capital Restructuring
Published on 24 Mar 2004
| Took place at The Menzies Hotel, Sydney
The recent approach adopted in Draft Tax Determination TD 2004/D1 will cause many
companies to re-think the tax effectiveness of off-market share buy-backs for their shareholders. Draft TD 2004/D1, issued on 14 January 2004, sets out the Tax Commissioner's view that the market value of a listed company share subject to an offmarket buy-back should be computed as a volume weighted average closing price. Draft TD 2004/D1 is a departure from a series of class rulings issued to listed companies on what was previously acceptable to the Commissioner. In light of the changes, other
forms of capital restructuring present may provide more effective solutions for companies
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