| Indicative after tax proceeds calculations Indicative after tax proceeds calculations | | | | | | | | | |
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| Key inputs to calculator Key inputs to calculator | | | | | | | | | |
| Your marginal tax rate Your marginal tax rate | 0.435 43.5% | 0.435 43.5% | 0.435 43.5% | 0.435 43.5% | 0.485 48.5% | n.15 | | | |
| Tender Discount Tender Discount | 0.12 12% | .14 14% | 0.08 8% | 0.12 12% | 0.12 12% | 10 | | | |
| Assumed Market Price Assumed Market Price | 25 $25.00 | 25 $25.00 | 25 $25.00 | 24 $24.00 | 25 $25.00 | | | | |
| Assumed Buy-Back Price Assumed Buy-Back Price | 22 $22.00 | 21.5 $21.50 | 23 $23.00 | 21.12 $21.12 | 22 $22.00 | | | | |
| Fixed capital component Fixed capital component | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | | | | |
| Deemed dividend component Deemed dividend component | 19.9 $19.90 | 19.4 $19.40 | 20.9 $20.90 | 19.02 $19.02 | 19.9 $19.90 | | | | |
| Assumed Tax Value Assumed Tax Value | 25.37 $25.37 | 25.37 $25.37 | 25.37 $25.37 | 25.37 $25.37 | 25.37 $25.37 | | | | |
| Cost base (unindexed) Cost base (unindexed) | 10.94 $10.94 | 10.94 $10.94 | 10.94 $10.94 | 10.94 $10.94 | 17 $17.00 | | | | |
| Assumed brokerage fee per Share from on-market sale Assumed brokerage fee per Share from on-market sale | 0.03 $0.03 | 0.03 $0.03 | 0.03 $0.03 | 0.03 $0.03 | 0.5 $0.50 | | | | |
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| Calculation of after tax proceeds per share from the Buy-Back Calculation of after tax proceeds per share from the Buy-Back | | | | | | | | | |
| (a) Income tax consequences (deemed dividend component per share) (a) Income tax consequences (deemed dividend component per share) | | | | | | | | | |
| Deemed dividend component Deemed dividend component | 19.9 $19.90 | 19.4 $19.40 | 20.9 $20.90 | 19.02 $19.02 | 19.9 $19.90 | | | | |
| Add: franking credits Add: franking credits | 8.528571428571428 $8.52 | 8.314285714285715 $8.31 | 8.957142857142857 $8.95 | 8.151428571428571 $8.15 | 8.528571428571428 $8.52 | | | | |
| Assessable dividend for income tax purposes Assessable dividend for income tax purposes | 28.428571428571427 $28.42 | 27.714285714285715 $27.71 | 29.857142857142854 $29.85 | 27.17142857142857 $27.17 | 28.428571428571427 $28.42 | | | | |
| Tax payable on assessable dividend before tax offsets Tax payable on assessable dividend before tax offsets | -12.366428571428571 -$12.36 | -12.055714285714286 -$12.05 | -12.987857142857141 -$12.98 | -11.819571428571428 -$11.81 | -13.787857142857142 -$13.78 | | | | |
| Tax offset equal to franking credit Tax offset equal to franking credit | 8.528571428571428 $8.52 | 8.314285714285715 $8.31 | 8.957142857142857 $8.95 | 8.151428571428571 $8.15 | 8.528571428571428 $8.52 | | | | |
| Net tax credit / (payable) Net tax credit / (payable) | -3.8378571428571426 -$3.83 | -3.741428571428571 -$3.74 | -4.030714285714284 -$4.03 | -3.6681428571428576 -$3.66 | -5.2592857142857134 -$5.25 | | | | |
| Deemed dividend component Deemed dividend component | 19.9 $19.90 | 19.4 $19.40 | 20.9 $20.90 | 19.02 $19.02 | 19.9 $19.90 | | | | |
| Net tax credit / (payable) Net tax credit / (payable) | -3.8378571428571426 -$3.83 | -3.741428571428571 -$3.74 | -4.030714285714284 -$4.03 | -3.6681428571428576 -$3.66 | -5.2592857142857134 -$5.25 | | | | |
| After tax proceeds per Share from deemed dividend component After tax proceeds per Share from deemed dividend component | 16.062142857142856 $16.06 | 15.658571428571427 $15.65 | 16.869285714285716 $16.86 | 15.351857142857142 $15.35 | 14.640714285714285 $14.64 | | | | |
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| (b) CGT consequennces (capital component per share) (b) CGT consequennces (capital component per share) | | | | | | | | | |
| Fixed capital component Fixed capital component | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | | | | |
| Add: Amount by which the Tax Value exceeds the Buy-Back Price Add: Amount by which the Tax Value exceeds the Buy-Back Price | 3.370000000000001 $3.37 | 3.870000000000001 $3.87 | 2.370000000000001 $2.37 | 4.25 $4.25 | 3.370000000000001 $3.37 | | | | |
| Total capital proceeds Total capital proceeds | 5.470000000000001 $5.47 | 5.970000000000001 $5.97 | 4.470000000000001 $4.47 | 6.35 $6.35 | 5.470000000000001 $5.47 | | | | |
| Less: Cost base per Share (not indexed) Less: Cost base per Share (not indexed) | -10.94 -$10.94 | -10.94 -$10.94 | -10.94 -$10.94 | -10.94 -$10.94 | -17 -$17.00 | | | | |
| Capital gain / (loss) on capital component Capital gain / (loss) on capital component | -5.469999999999999 -$5.46 | -4.969999999999999 -$4.96 | -6.469999999999999 -$6.46 | -4.59 -$4.59 | -11.53 -$11.53 | | | | |
| Reduction of capital (gain) / loss by CGT discount effect Reduction of capital (gain) / loss by CGT discount effect | 2.7349999999999994 $2.73 | 2.4849999999999994 $2.48 | 3.2349999999999994 $3.23 | 2.295 $2.29 | 5.765 $5.76 | | | | |
| Capital gain / (loss) on capital component after CGT discount effect Capital gain / (loss) on capital component after CGT discount effect | -2.7349999999999994 -$2.73 | -2.4849999999999994 -$2.48 | -3.2349999999999994 -$3.23 | -2.295 -$2.29 | -5.765 -$5.76 | | | | |
| Net tax effect of capital loss / (gain) Net tax effect of capital loss / (gain) | 1.1897249999999997 $1.18 | 1.0809749999999998 $1.08 | 1.4072249999999997 $1.40 | 0.998325 $0.99 | 2.7960249999999997 $2.79 | | | | |
| Fixed capital component Fixed capital component | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | 2.1 $2.10 | | | | |
| Net tax effect of capital loss / (gain) Net tax effect of capital loss / (gain) | 1.1897249999999997 $1.18 | 1.0809749999999998 $1.08 | 1.4072249999999997 $1.40 | 0.998325 $0.99 | 2.7960249999999997 $2.79 | | | | |
| After tax proceeds per Share from capital component After tax proceeds per Share from capital component | 3.289725 $3.28 | 3.180975 $3.18 | 3.507225 $3.50 | 3.098325 $3.09 | 4.896025 $4.89 | | | | |
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| (c) Total after tax proceeds per share from the Buy-Back (c) Total after tax proceeds per share from the Buy-Back | | | | | | | | | |
| After tax proceeds per Share from deemed dividend component (see (a) above) After tax proceeds per Share from deemed dividend component (see (a) above) | 16.062142857142856 $16.06 | 15.658571428571427 $15.65 | 16.869285714285716 $16.86 | 15.351857142857142 $15.35 | 14.640714285714285 $14.64 | | | | |
| After tax proceeds per Share from capital component (see (b) above) After tax proceeds per Share from capital component (see (b) above) | 3.289725 $3.28 | 3.180975 $3.18 | 3.507225 $3.50 | 3.098325 $3.09 | 4.896025 $4.89 | | | | |
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| Total after tax proceeds per Share from the Buy-Back Total after tax proceeds per Share from the Buy-Back | 19.351867857142856 $19.35 | 18.839546428571427 $18.83 | 20.376510714285714 $20.37 | 18.45018214285714 $18.45 | 19.536739285714283 $19.53 | | | | |
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| Calculation of after tax proceeds per share from on-market sale Calculation of after tax proceeds per share from on-market sale | | | | | | | | | |
| Assumed on-market sale price per Share (assumed Market Price) Assumed on-market sale price per Share (assumed Market Price) | 25 $25.00 | 25 $25.00 | 25 $25.00 | 24 $24.00 | 25 $25.00 | | | | |
| Less: Cost base per Share, including assumed on-market brokerage selling costs per Share (not indexed) Less: Cost base per Share, including assumed on-market brokerage selling costs per Share (not indexed) | -10.969999999999998 -$10.96 | -10.969999999999998 -$10.96 | -10.969999999999998 -$10.96 | -10.969999999999998 -$10.96 | -17.5 -$17.50 | | | | |
| Capital gain / (loss) from on-market sale | 14.030000000000001 $14.03 | 14.030000000000001 $14.03 | 14.030000000000001 $14.03 | 13.030000000000001 $13.03 | 7.5 $7.50 | | | | |
| Reduction of capital (gain) / loss from on-market sale by CGT discount effect Reduction of capital (gain) / loss from on-market sale by CGT discount effect | -7.015000000000001 -$7.01 | -7.015000000000001 -$7.01 | -7.015000000000001 -$7.01 | -6.515000000000001 -$6.51 | -3.75 -$3.75 | | | | |
| Capital gain / (loss) from on-market sale after CGT discount effect Capital gain / (loss) from on-market sale after CGT discount effect | 7.015000000000001 $7.01 | 7.015000000000001 $7.01 | 7.015000000000001 $7.01 | 6.515000000000001 $6.51 | 3.75 $3.75 | | | | |
| Net tax effect of capital loss / (gain) from on-market sale Net tax effect of capital loss / (gain) from on-market sale | -3.0515250000000002 -$3.05 | -3.0515250000000002 -$3.05 | -3.0515250000000002 -$3.05 | -2.834025 -$2.83 | -1.8187499999999998 -$1.81 | | | | |
| Assumed on-market sale price per Share (assumed Market Price) less assumed on-market brokerage selling costs per Share Assumed on-market sale price per Share (assumed Market Price) less assumed on-market brokerage selling costs per Share | 24.97 $24.97 | 24.97 $24.97 | 24.97 $24.97 | 23.97 $23.97 | 24.5 $24.50 | | | | |
| Net tax effect of capital loss / (gain) from on-market sale Net tax effect of capital loss / (gain) from on-market sale | -3.0515250000000002 -$3.05 | -3.0515250000000002 -$3.05 | -3.0515250000000002 -$3.05 | -2.834025 -$2.83 | -1.8187499999999998 -$1.81 | | | | |
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| Total after tax proceeds per Share from on-market sale Total after tax proceeds per Share from on-market sale | 21.918474999999997 $21.91 | 21.918474999999997 $21.91 | 21.918474999999997 $21.91 | 21.135975 $21.13 | 22.68125 $22.68 | | | | |
| Total after tax proceeds per Share from the Buy-Back (from above) Total after tax proceeds per Share from the Buy-Back (from above) | 19.351867857142856 $19.35 | 18.839546428571427 $18.83 | 20.376510714285714 $20.37 | 18.45018214285714 $18.45 | 19.536739285714283 $19.53 | | | | |
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| Amount by which after tax proceeds from selling a Share into the Buy-Back exceeds (or is less than) the after tax proceeds from on-market sale Amount by which after tax proceeds from selling a Share into the Buy-Back exceeds (or is less than) the after tax proceeds from on-market sale | -2.5666071428571406 -$2.56 | -3.0789285714285697 -$3.07 | -1.5419642857142825 -$1.54 | -2.6857928571428573 -$2.68 | -3.1445107142857154 -$3.14 | | | | |
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