INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteIf an amount is included in the assessable income of a taxpayer under section 26AAC as a result of the acquisition by the taxpayer of shares in a company, the taxpayer shall be deemed for the purposes of this Part to have paid:
(a) subject to paragraph (b), at the time when the shares were acquired by the taxpayer; or
(b) in a case to which subsection 26AAC(15) applies - at the time when the shares are deemed for the purposes of section 26AAC to have been acquired by the taxpayer;
as consideration in respect of the acquisition of the shares, an amount equal to the market value of the shares at that time, reduced by so much of the reducing amount (if any) as is attributable to those shares.
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