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Westpac off-market share buy-back

Buy-Back completion

On 14 February 2022, Westpac successfully completed its A$3.5 billion Buy-Back. For further information refer to the ASX release here (PDF 115KB)

Payments and Buy-Back statements

Payments for Shares bought back under the Buy-Back were completed on 18 February 2022 via direct credit and Buy-Back holding and payment statements were made available online or sent to shareholders from that date.

Outcomes of the Buy-Back

Outcomes for Westpac:

Size of Buy-Back

A$3.5 billion

Market Price1


Buy-Back Discount


Buy-Back Price


Number of Shares bought back

167.5 million

Percentage of issued capital bought back


Outcomes for shareholder participants:

Buy-Back Price


Capital Component of the Buy-Back Price


Dividend Component of the Buy-Back Price


Tax Value2


ATO Class Ruling

The Australian Taxation Office (ATO) Class Ruling confirmed that the Capital Component of the Buy-Back Price is A$11.34 and the fully franked Dividend Component of the Buy-Back Price is A$9.56.

For Australian tax purposes, the deemed capital proceeds for entities other than companies will generally be taken to be A$14.58 per Share, being the A$11.34 Capital Component, plus A$3.24 representing the excess of the Tax Value over the Buy-Back Price.

A copy of the ATO Class Ruling can be found here (PDF 147KB).

Further information on the tax outcomes of the Buy-Back for shareholder participants can be found in the Tax Guide here (PDF 100KB) including information on the Tax Value. The ATO accepted that the Tax Value should be calculated by reference to the movements in the S&P/ASX 200 Banks Index over the Buy-Back Period (rather than the S&P/ASX 200 Index).

Buy-Back background

On 1 November 2021, Westpac announced its intention to conduct an off-market share buy-back of up to A$3.5 billion of Westpac ordinary shares (Shares). See ASX announcement here (PDF 950KB).

The Buy-Back was open to eligible shareholders who were registered holders of Shares on the Buy-Back Record Date (8 November 2021), who had a registered address in Australia or New Zealand, and who were not an Excluded Foreign Person.

On 10 December 2021, following the fall in Westpac’s share price, Westpac amended certain key terms of the Buy-Back, including: the Discount range, changed to 0% to 10%, from 8% to 14%; and extended the closing date of the tender period to 11 February 2022. See ASX announcement here (PDF 126KB).

Details of the Buy-Back were in the original buy-back booklet dated 1 November 2021 (Original Booklet (PDF 849KB)) and supplementary booklet dated 10 December 2021 (Supplementary Booklet (PDF 563KB)), which were available to eligible shareholders online or on request.

Key dates

Event Date

Announcement of the Buy-Back and Lodgement of Original Booklet with ASX

1 November 2021

Record Date

7:00pm (Sydney time) on 8 November 2021

Buy-Back Period opened

17 November 2021

Announcement of details of Amended Discount Range and revised Buy-Back timetable and lodgement of Supplementary Booklet with ASX

10 December 2021

Buy-Back Period closed

7:00pm (Sydney time) on 11 February 2022

Buy-Back Date

14 February 2022

Buy-Back proceeds paid and holding and payment statements sent to successful shareholders

18 February 2022

ASX Announcements

1.       Westpac successfully completes A$3.5 billion off-market share buy-back, lodged 14 February 2022 (PDF 115KB)

2.       Westpac off-market share buy-back – Market Price, lodged 11 February 2022 (PDF 126KB)

3.       Westpac amends Buy-Back terms and extends timetable, lodged 10 December 2021 (PDF 653KB)

4.       Westpac off-market share buy-back information flyer, lodged 1 November 2021 (PDF 105KB)

5.       Westpac announces $3.5 billion off-market share buy-back, lodged 1 November 2021 (PDF 950KB)

Unless otherwise defined, capitalised words have the meaning given to them in the Original Booklet and Supplementary Booklet.

1 Calculated as the VWAP of Shares over the five trading days up to and including Friday, 11 February 2022, calculated to four decimal places, as determined by Westpac.

2 The Tax Value was calculated in accordance with ATO Tax Determination TD 2004/22 and ATO issued Practice Statement PS LA 2007/09 – see also the comments under the heading ‘ATO Class Ruling’.