McMillan may never recover

Any company that relies so heavily on a tax break for its earnings should attract a hefty discount.

It has become the great Federal Election proxy. But the risk associated with McMillan Shakespeare's (MMS) business model now has become painfully apparent.

The car leasing and salary packaging operation was trading north of $18 when the Prime Minister Kevin Rudd announced changes to the Fringe Benefits Tax in the early phase of the election campaign in mid July.

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