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(e) (Repealed by No 79 of 2007 )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 .


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