Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 140 - Share value shifting  

Subdivision 140-A - When is there share value shifting?  

SECTION 140-15   Off-market buy backs  

140-15(8)    
A share value shift is disregarded under subsection 140-15(8) of the Income Tax Assessment Act 1997 only if:

(a) the company concerned buys back the shares after 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995; and

(b) the buy back is not done under an arrangement that is an excluded transitional arrangement within the meaning of subitem 12(2) of Schedule 1 of the Taxation Laws Amendment Act (No. 1) 1996 .