House of Representatives

Taxation Laws Amendment Bill (No. 2) 2001

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

[F1]
As the amendment will have ongoing application, subsection 160ARDM(2) has been amended rather than the transitional rules contained in item 9 of Schedule 2 to the TLA(CLR)A 1998.

[F2]
The TLA(CLR)A 1998 retained the definition of the term share premium account for companies maintaining par value shares (see subsection 6(1) of the ITAA 1936 and item 67 of Schedule 5 to the TLA(CLR)A 1998).

[F3]
The term resident is defined in subsection 6(1) of the ITAA 1936.


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