S 139FAA repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections
Income Tax (Transitional Provisions) Act 1997
. S 139FAA formerly read:
SECTION 139FAA LISTED SHARES
MARKET VALUE WHERE PUBLIC OFFER
This section applies to a share in a company if:
the share is acquired within the period starting 7 days before and ending 7 days after the day on which shares are first acquired under a public offer of shares in the company; and
the following rights attached to the share are the same as those attached to the shares acquired under the public offer:
rights in respect of voting;
rights in respect of dividends;
rights in respect of distribution of share capital in consequence of a reduction of share capital;
rights in respect of distribution of the property of the company in the event of the winding up of the company; and
there is at least one price at which shares were sold under the public offer that satisfies the following requirements:
1,000 Australian residents (other than residents who are employees of the company or who held shares in the company immediately before the offer was made) acquired shares at the price;
the total cost of shares acquired by such Australian residents at the price was at least $1,000,000; and
the company has been a listed public company for at least 6 months immediately before the share is acquired.
However, this section does not apply if subsection
applies to the share.
The market value of a share is the lowest price that satisfies the requirements of subparagraphs (1)(c)(i) and (ii) at which shares were sold under the public offer.
What is a public offer?
A public offer of shares is an offer of shares in a company where:
the offer is by the company or by a person who, immediately before the offer is made, owns at least 20% of the shares with rights in respect of voting in the company; and
the offer is made to at least 10,000 Australian residents (other than residents who are employees of the company or who held shares in the company immediately before the offer was made).
S 139FAA inserted by No 43 of 2000.