2014 Are company tax rate cuts reflected in your valuations?

1. The Australian government has proposed to pass legislation to cut the income tax rate for all companies from 30% to 28.5% for income years starting 1 July 2015 or after. However, it is expected that the cut will be offset by the 1.5% levy for the paid parental leave scheme for companies with taxable income above $5 million.

Question: Are you reflecting a reduced effective tax rate in your valuations (e.g. in the calculation of WACC, discounted cash flow assumptions, reduced value of franking credits, or elsewhere)?