Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-5
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CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
Division 197
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Tainted share capital accounts
A company with a *share capital account that is *tainted may make a choice in the *approved form given to the Commissioner to untaint the account. 197-55(2)
The choice can be made at any time, but cannot be revoked.
Subdivision 197-C
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Consequence of transfer: tainting of share capital account
SECTION 197-55
Choosing to untaint a tainted share capital account
197-55(1)
A company with a *share capital account that is *tainted may make a choice in the *approved form given to the Commissioner to untaint the account. 197-55(2)
The choice can be made at any time, but cannot be revoked.
Note:
The choice has no effect in relation to a subsequent tainting of the share capital account that occurs after the choice is made.
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