This session will look at the Aurizon Holdings Limited case which considered the meaning of share capital and the importance of contemporaneous documentation to support capital funding transactions. Also discussed are the impact of recent and proposed amendments to tax law in the area of capital management on corporate capital management strategies, including:

• Off-market share buy-back rules for listed public companies
• Frankable distributions funded by certain capital raising activity
• The impact on the ability of companies to return funds to shareholders; and
• How to obtain certainty on the tax outcomes for ‘out of cycle’ franked distributions.