buyback, page-9

The individual circumstances of the investment vehicle are critical when it comes to the decision of tendering into the BHP buyback process.

We invest through a trust structure, and for the purposes of anticipated applications to Centrelink for Age pension forthcoming within the next 3 years, we are extremely concerned with the allocation of trust capital gain to certain beneficiaries, as centrelink will view this adversely towards that individual beneficiary in attribution of assets.

Hence it is in our long term best interests to ensure that our trust recieves maximum income (which when distributed to beneficiaries can be 'consumed' and not attributed as assets).

We have made some intelligent investments recently in the Nickel/Zinc sector and the BHP buyback will cancel out Capital gains, and the large dividend hence becomes income only (which can be 'consumed' for the purposes of Centrelink assets tests).

Hence, it is not only a decision about tax. I would actually say there are other more important considerations when dealing with the foward/reverse trade in Government revenue.