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Trap for Commonwealth Bank employees



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JULIAN BEALE, M.H.R. Federal M em ber for Bruce Shadow Minister for Privatisation

MEDIA RELEASE

July 8, 1991

TRAP FOR Cj ΒΑΙ/ΓΗ BANK EMPLOYEES

Commonwealth Bank officers who take up the Government's share

offer will have some of their investment ripped off them by

the Federal Treasury, the Federal Member for Bruce and Shadow Minister for Privatisation, Julian Beale, said today.

He was commenting on the Commonwealth Bank Public Share Offer

Prospectus.

The Federal Government's offer of discounted shares to

employees is less generous than it seems.

Bank officers will pay ten percent less than the rest of the

public for shares.

This ten percent will be immediately subject to taxation

before it ever pays a dividend.

Bank officers could find themselves up for an extra $300 in tax this financial year.

Commonwealth Government employees should always beware of the

Government when it comes bearing gifts.

P24/91

For further information: (0 3 ) 5 6 0 4744. (0 6 ) 277 4154