Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 128AA

  (1)   Where:

  (a)   a person transfers a qualifying security; and

  (b)   the transfer price of the security exceeds the issue price or, where the security has been partially redeemed, the reduced issue price of the security;

so much of the transfer price as equals the excess referred to in paragraph   (b) shall, for the purposes of this Division, be deemed to be income that consists of interest.

  (2)   For the purposes of references to the transfer price, issue price or reduced issue price of a qualifying security in subsection   (1), any application of subsection   159GP(2) shall be disregarded.