On 12 May 2009 the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, announced that the Government will implement the recommendations made by the Board of Taxation to improve the taxation treatment of off-market share buybacks.

Treasury has now released a consultation paper as the basis for consultation on the design of this proposal and sets out the way it may be implemented.

Interested parties are invited to comment on the discussion paper by 10 July 2009.