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Article: Tax sting in capital raisings.
- Article from:
- Australasian Business Intelligence
- Article date:
- September 22, 2009
CopyrightCOPYRIGHT 2009 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Kehoe
Sep 22, 2009 (The Australian Financial Review - ABIX via COMTEX) -- The Australian Taxation Office (ATO) is gearing up for disputes with major listed groups over the tax treatment of renounceable rights issues. This is all the more important given the recent wave of new capital sourcing moves by many companies. The ATO argues that the difference in price achieved in book-builds with renounceable shares and returned to the investor must be considered in a similar way to dividend income.
Publication Date: 23 September 2009
AUSTRALIAN ...