pretax dollars on meals and entertainment, page-3

Someone correct me if i'm not correct or slightly off, but I think you will find that Group Remuneration Services is a division within MMS administers employee remuneration arrangements which include the effective utilization of FBT exemptions for employees in the sectors which you refer to above. In this regard, changes as muted to the caps on FBT exemptions will probably effect the over efficacy of these arrangements, which may then inhibit the capacity for MMS to charge fees for managing such arrangements. It may also diminsh the economics of novated leases for people in these sectors which again may impede MMS's capacity to earn income from finance commissions and rebates from vehicle suppliers etc. FBT was always likely to get heavy scrutiny and hence i gather this is why MMS has been tryng to rapidly expand its financing business as they have done. In my view, this is a good strategy as they have good competency in this area and big banks (other than Macquarie) have not serviced this space well. Still think this is good long term. DYOR