Incentives for off-market share buybacks have been scrapped in the federal budget. (Joel Carrett/AAP PHOTOS)
Shareholders selling their shares at a discount back to a company off-market are no longer eligible for a franking credit.
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The Albanese government's first budget, delivered on Tuesday night, included an immediate change to the tax treatment of off-market share buybacks.
The decision aligns the tax treatment of off-market share buybacks undertaken by listed public companies with the treatment of on-market share buybacks.
The government expects to save $550 million over four years.
Australian Associated Press
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