Income Tax (Transitional Provisions) Act 1997



Division 197 - Tainted share capital accounts  

Subdivision 197-C - Special provisions about companies whose share capital accounts were tainted when old Division 7B was closed off  

SECTION 197-15   Account taken to have ceased to be tainted when old Division 7B was closed off  

The company's share capital account is taken to have ceased to be tainted under old Division 7B at the start of the Division 7B close-off day.

No liability to untainting tax, and no franking debit, arises under old Division 7B in relation to the share capital account being taken to have ceased to be tainted.


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