you beauty - lower etr

More good news on tax rulings - '06 effective tax rate to be between 15-25% due to offshore income streams! Here's the announcement:

"PCH Group Ltd has recently received advice that materially affects its income tax position.
In simple terms, under changes effective 1 July 2004 to Section 23AH of the Income Tax Assessment Act (1936),
foreign branch office income is not assessable for Australian income tax purposes, subject to satisfying certain
criteria.
PCH has recently received independent advice that its principal foreign branch satisfies these criteria and that
therefore from 1 July 2004 income from that branch is not assessable in Australia.
As income from that branch is considered material, the changes to Section 23AH will have a material impact on
the Company’s results and the Company is therefore disclosing the impact to ASX, which is as follows:
i) There will be a reversal of prior year provisions in the amount of $1.1 million to 1.3 million. This, together
with the benefit of non assessable foreign branch income in the current period will result in a negligible income
tax expense being reported for the six months ending 31 December 2005.
ii) For the current and future years, quantification of the impact will depend on the proportion of Australian
versus foreign income, as well as the composition of foreign income and the rates of income tax that apply in the
respective foreign countries. For the purposes of guidance the Company advises that, based on its current
outlook, the effective income tax rate in future is expected to be in the range of 15% to 25%, with the rate for
the 2006 year expected to be at the lower end of this range."

Awesome! Hopefully a good half-yearly guidance next week will hold this bad boy well into the .80's for good!