The marginal tax rate and its implications for Australian firms / Karl Kuchel.

Kuchel, Karl. (2002). The marginal tax rate and its implications for Australian firms / Karl Kuchel. Honours Thesis, School of Business, The University of Queensland.

       
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Author Kuchel, Karl.
Thesis Title The marginal tax rate and its implications for Australian firms / Karl Kuchel.
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 2002
Thesis type Honours Thesis
Total pages 51
Language eng
Subjects 14 Economics
15 Commerce, Management, Tourism and Services
Formatted abstract The marginal tax rate is an important consideration in many areas of finance, including project valuation and weighted average cost-of-capital calculations. Little non-US research has focussed on determining the best proxy for the marginal tax rate despite the unique nature of tax regimes around the world. This thesis shows that Graham's simulated marginal rate proxy is the best proxy for Australian firms' perfect foresight marginal tax rate. However, more easy-to-calculate proxies such as the trichotomous variable proxy and effective tax rate proxy are reasonable substitutes. The simulated tax rate proxy remains the best proxy when earnings uncertainty is introduced.

 
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