Treasury Laws Amendment (2023 Measures No. 1) Act 2023 (101 of 2023)

Schedule 4   Off-market share buy-backs

Part 2   Selective share cancellations

Income Tax Assessment Act 1997

21   Application of amendments

(1) The amendments made by this Part apply to a cancellation of a membership interest by a listed public company if:

(a) both:

(i) the cancellation is announced to the market at or before the time the cancellation occurs; and

(ii) the cancellation is first announced to the market on or after 18 November 2022; or

(b) both:

(i) the cancellation is not announced to the market, or the cancellation is first announced to the market after the cancellation occurs; and

(ii) the cancellation occurs on or after 18 November 2022.

(2) The cancellation is announced to the market if:

(a) the rules of an approved stock exchange require the company to notify the stock exchange of the cancellation for the purpose of release to the market; and

(b) notification of the cancellation is released to the market following such disclosure.