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Media Release 1616/07/2007

Review of the Taxation Treatment of Off-Market Share Buybacks

The Chairman of the Board of Taxation, Mr Dick Warburton, today announced the release of a discussion paper on the Review of the Taxation Treatment of Off-Market Share Buybacks.

The Treasurer announced on 10 October 2006 that he had asked the Board of Taxation to conduct a review of the taxation treatment of off-market share buybacks, and provide a final report to him during the second half of 2007. The purpose of the review is to help the Government to determine whether the taxation treatment of off‑market share buybacks should be changed, with a view to increasing certainty for businesses and reducing compliance costs.

The Board has developed this discussion paper to facilitate public consultation. In developing the paper the Board has conducted targeted consultations with key stakeholders.

The Board welcomes submissions on the issues raised in the discussion paper. The closing date for submissions is 24 August 2007. Submissions may be sent to:

Email: taxboard@treasury.gov.au

Fax: (02) 6263 4471

Post:

Review of the Taxation Treatment of Off-Market Share Buybacks
Board of Taxation
c/- The Treasury
Langton Crescent
PARKES  ACT  2600

Copies of the Board’s discussion paper are available from www.taxboard.gov.au. Printed versions of the paper are available by email request sent to taxboard@treasury.gov.au, or by phoning Mr Vernon Joice on (02) 6263 4369.

To assist in the review process, the Board will be holding consultation forums in Sydney on 26 July 2007 and in Melbourne on 31 July 2007.