Markets: A Shakespearean tragedy

The proposed changes to the fringe benefits tax on vehicles has been disastrous for McMillan Shakespeare's stock.

Shares in McMillan Shakespeare suffered their worst ever one-day decline after the motor vehicle lease management company said the government’s proposed change to the fringe benefits tax on vehicles will “have a material adverse impact on future earnings”.

The amount of the impact on McMillan’s bottom line “will be dependent on the outcome of the pending Federal election,” says the company. “The government appears determined.”

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