Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 975 - Concepts about companies  

Subdivision 975-G - What is a company ' s share capital account?  

SECTION 975-300   Meaning of share capital account  

975-300(1)    
A company ' s share capital account is:

(a) an account that the company keeps of its share capital; or

(b) any other account (whether or not called a share capital account) that satisfies the following conditions:

(i) the account was created on or after 1 July 1998;

(ii) the first amount credited to the account was an amount of share capital.

975-300(2)    
If a company has more than one account covered by subsection (1), the accounts are taken, for the purposes of this Act, to be a single account.

Note:

Because the accounts are taken to be a single account (the combined share capital account ), tainting of any of the accounts has the effect of tainting the combined share capital account.

975-300(3)    
However, if a company ' s * share capital account is * tainted, that account is taken not to be a share capital account for the purposes this Act, other than:

(a) subsection 118-20(6) ; and

(b) Division 197 ; and

(ba) paragraph 202-45(e) ; and

(c) the definition of paid-up share capital in subsection 6(1) of the Income Tax Assessment Act 1936 ; and

(d) subsection 44(1B) of the Income Tax Assessment Act 1936 ; and

(e) (Repealed by No 79 of 2007 )

(f) subsection 159GZZZQ(5) of the Income Tax Assessment Act 1936 .