The watchdog noting it could not accept a crucial aspect of Telstra's move to structurally split its retail and wholesale arms and that it was plan for the separation from 2018.

According to Livingstone, the telco has continued to work closely with the ACCC to resolve the issues around the plan would submit a revised SSU in coming weeks.

"We continue to believe that none of the issues raised by the ACCC in relation to the SSU is insurmountable and that they can be resolved in a way consistent with our principle of protecting shareholder value," Livingstone said.

However, should any material changes occur, Livingstone said, shareholders will have the opportunity to consider the changes and vote.

"In considering the materiality of any changes, we will take into account the costs associated with their implementation and the degree to which the proposed transaction will continue to deliver greater regulatory certainty than the best available alternative."