McMillan Shakespeare: tragedy or farce?

FBT changes blindsided McMillan Shakespeare leaving shareholders with more questions than answers.

Readers will know that McMillan Shakespeare Limited (ASX:MMS) has featured in my growth portfolio for the last 15 months and contributed significantly to the excellent growth portfolio returns in 2012/13. Alas now everything concerning MMS is a blur following the extraordinary decision and then announcement of the Government last week to change the tax law concerning the Fringe Benefits Tax (FBT) arrangements for both employer provided cars and novated leases.

Let’s recap the events that appear to have led to this hasty decision.

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