Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16K - Effect of buy-backs of shares  

Subdivision A - Interpretation  

SECTION 159GZZZK   159GZZZK   EXPLANATION OF TERMS  


For the purposes of this Division, where a company buys a share in itself from a shareholder in the company:


(a) the purchase is a buy-back; and


(b) the shareholder is the seller; and


(c) if:


(i) the share is listed for quotation in the official list of a stock exchange in Australia or elsewhere; and

(ii) the buy-back is made in the ordinary course of trading on that stock exchange;
the buy-back is an on-market purchase; and


(d) if the buy-back is not covered by paragraph (c) - the buy-back is an off-market purchase.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.