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National Australia Bank advised that it is reviewing draft legislation and draft tax rulings released by the Federal Government and Australian Taxation Office covering hybrid capital instruments, such as the National Income Securities (NABHA), and capital levels for banks and other corporations. The transition period provided for under the draft legislation allows the taxation treatment of National's hybrid instruments, such as the National Income Securities, to remain unchanged until July 1, 2004. National Income Securities were issued by the National's New York branch and therefore the tax deduction has not been claimed in Australia. "The transition period allows for further review to take place and gives the National time to further assess the implications of the proposed measures and to consider what actions, if any, to take in respect of the hybrid instruments on issue," said the National's Chief Financial Officer, Mr Richard McKinnon. "Investors should keep in mind the matters are still under review. We will continue to be involved in the Federal Government's consultation process for the proposed treatment of both hybrid capital instruments and capital levels," he said. The National will provide further information as it becomes available. For further details, please contact: Brandon Phillips
(03) 8641 3857
0419 369 058
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