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the participant in the example is the 'true economic owner' as they are exposed to the share price movement and holds the shares sufficiently at risk for the purpose of the 45 day rule (paragraph 24(a)), 2. the draft Determination is only tenable to the extent there is a cash loss (paragraph 24(b)), 3. the comments at paragraph 24(c) needs to be refined as the example is based on a single transaction not multiple transactions, 4. paragraph 24(d) infers that the only reason for transactions to occur on the Special Market is to source the imputation benefit, this understates the commercial rationale for transactions where the Special Market is used to support the options market, 5. the form and substance of the transaction is the same, the issue arising is that both parcels of shares have the entitlement to receive a dividend and franking credit, such that the franking credit claimed is disproportionate to the shares held, but this does not result in a conclusion that the substance of the transaction is different to the form (paragraph 24(e)).