Capital management or tax avoidance?

While politicians point the finger at Apple and Google for avoiding tax, Telstra's share buy-back highlights the fine line between investing and dodging the ATO.

Telstra’s billion dollar share buy back, which only made financial sense for zero-tax shareholders, has been a roaring success. So much so, a scale-back by almost 70 per cent of tenders was required and the firm paid out at the bottom of the agreed range -- just $4.60 a share, compared to a close of $5.40 on Monday.

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