ATO Note - Franking account reconciliation - 28 October 2021

During the 2018 Rate of Return Instrument process, we received a note from the Australian Taxation Office (ATO) containing two estimates related to the gamma parameter. We placed limited weight on this information from the ATO for several reasons.

We have received an update of the 2018 note from the ATO and, as noted in the Overall Rate of Return working paper and the Information Paper, we are currently investigating the possible use of the ATO note to inform gamma.