Income Tax Assessment Act 1997
A company ' s share capital account is:
(a) an account that the company keeps of its share capital; or
(b) any other account (whether or not called a share capital account) that satisfies the following conditions:
(i) the account was created on or after 1 July 1998;
(ii) the first amount credited to the account was an amount of share capital.
If a company has more than one account covered by subsection (1), the accounts are taken, for the purposes of this Act, to be a single account.
Because the accounts are taken to be a single account (the combined share capital account ), tainting of any of the accounts has the effect of tainting the combined share capital account.975-300(3)
However, if a company ' s *share capital account is *tainted, that account is taken not to be a share capital account for the purposes this Act, other than:
(a) subsection 118-20(6) ; and
(b) Division 197 ; and
(ba) paragraph 202-45(e) ; and
(c) the definition of paid-up share capital in subsection 6(1) of the Income Tax Assessment Act 1936 ; and
(d) subsection 44(1B) of the Income Tax Assessment Act 1936 ; and
(e) (Repealed by No 79 of 2007 )
(f) subsection 159GZZZQ(5) of the Income Tax Assessment Act 1936 .
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