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Share Buy-Backs and Capital Restructuring

Published on 24 Mar 2004 | Took place at The Menzies Hotel, Sydney, NSW

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 and shareholders.

These seminar materials will bring you up to date with current developments.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Share Buy-Backs: Are they still tax effective?

Author(s):  Christopher CATT This seminar paper focusses on the following areas:
- the existing legislative framework for buy-backs
- the various anti-avoidance measures
- recent buy-back tenders
- draft taxation determination TD 2004/D1.

Materials from this session:

Capital Restructures - Australian Tax Considerations

Author(s):  David PALLIER This seminar paper covers the following topics:
- alternative means to return capital to shareholders
- issues that may arise in a consolidated environment and from M&A activity.

Materials from this session: