Criteria(a) Equity ownership approach Tax statistics Implied market value studies applicable, reflective of economic and finance Accords with Monkhouse framework and Mainly based on the principle that share prices Market information on the amount of principles and market information. principle of investor rationality (e.g. reflect the present value of future dividends (and imputation credits utilised. eligible investors expected to utilise imputation credits) and 'no arbitrage'. - Estimation methods and financial models are credits to they are entitled). Analysis is straightforward and sound. consistent with well accepted economic and finance Varying opinions on the soundness of analysis Data is from credible source (ATO), but principles and informed by sound empirical analysis Analysis is straightforward and sound. across studies. Underlying data is typically from some data concerns have been identified. and robust data. Data is from credible source (ABS). credible sources (e.g. Bloomberg, ASX). Fit for purpose. Some studies undertaken for the specific purpose - The use of estimation methods, financial models, of estimating the utilisation rate for regulatory market data and other evidence should be ABS data used to estimate the domestic ATO statistics used to observe the purposes. Results of some studies need to be consistent with the original purpose for which it was ownership share of Australian equity, reported amount of imputation credits interpreted carefully to be consistent with the compiled and have regard to the limitations of that which is consistent with its purpose. utilised by investors, which is consistent regulatory framework. Studies can employ purpose. Approach is simple. with their purpose. Approach is simple. complex and sometimes problematic estimation methodologies. - Promote simple over complex approaches where appropriate. Implemented in accordance with good practice. Transparent and replicable using Transparent and replicable Less transparent and replicable, as econometrics published data, although detailed - Supported by robust, transparent and replicable published data. Some knowledge of ABS knowledge required and data not always publicly knowledge of tax return labels required. analysis that is derived from available credible classifications required. or freely available. Some data concerns have been identified. datasets.
Criteria(a) Equity ownership approach Tax statistics Implied market value studies applicable, reflective of economic and finance principles and market information. - Estimation methods and financial models are consistent with well accepted economic and finance principles and informed by sound empirical analysis and robust data. Accords with Monkhouse framework and principle of investor rationality (e.g. eligible investors expected to utilise credits to they are entitled). Analysis is straightforward and sound. Data is from credible source (ABS). Market information on the amount of imputation credits utilised. Analysis is straightforward and sound. Data is from credible source (ATO), but some data concerns have been identified. Mainly based on the principle that share prices reflect the present value of future dividends (and imputation credits) and 'no arbitrage'. Varying opinions on the soundness of analysis across studies. Underlying data is typically from credible sources (e.g. Bloomberg, ASX). Fit for purpose. - The use of estimation methods, financial models, market data and other evidence should be consistent with the original purpose for which it was compiled and have regard to the limitations of that purpose. - Promote simple over complex approaches where appropriate. ABS data used to estimate the domestic ownership share of Australian equity, which is consistent with its purpose. Approach is simple. ATO statistics used to observe the reported amount of imputation credits utilised by investors, which is consistent with their purpose. Approach is simple. Some studies undertaken for the specific purpose of estimating the utilisation rate for regulatory purposes. Results of some studies need to be interpreted carefully to be consistent with the regulatory framework. Studies can employ complex and sometimes problematic estimation methodologies. Implemented in accordance with good practice. - Supported by robust, transparent and replicable analysis that is derived from available credible datasets. Transparent and replicable published data. Some knowledge of ABS classifications required. Transparent and replicable using published data, although detailed knowledge of tax return labels required. Some data concerns have been identified. Less transparent and replicable, as econometrics knowledge required and data not always publicly or freely available.
AER%20-%20TasNetworks%202017-19%20-%20Attachment%204%20-%20Value%20of%20imputation%20credits%20-%20April%202017.docx