I would assume the tax on the repayments will be dealt with by...

I would assume the tax on the repayments will be dealt with by amending prior tax returns which they may or may not still be able to do - no allowance seems to be made for that in this half which seems prudent conservatism. Accordingly as reported NPAT this half hasn't been boosted by a potential tax recovery it would make sense to add back all the 2.8M. (and deducted from previous) The regulatory costs of 900K are also singled out as one off so they could be added back if your happy that's a one off. The customer contract amortisation is just a business combination accounting entry with no ongoing economic effect, so I agree with them reporting a normalised number not including it.

I suspect I get the same number you do for this half on a fully normalised basis - which looks pretty good.

I am happier with the low ROE hurdle on exec bonuses given they obviously were allowing for the refunds and regulatory costs not to be added to the normalised NPAT figure.

TGA is certainly not on a high earnings multiple but then it is a sub prime lender with high credit risk. The regulatory risk gets the attention But its probably more of a storm in a tea cup if TGA walk the talk of being clean industry leaders on the regulatory front. At least the regulatory noise helps get the credit risks which are certainly real priced somewhere near acceptable levels.