Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 159GZZZN

    If a company buys - back a share then the buy - back, and any subsequent cancellation of the share, are disregarded for the purposes of:

  (a)   determining for the purposes of this Act:

  (i)   whether an amount is included in the assessable income of the company under a provision of this Act (other than a provision of Part   3 - 1 or 3 - 3 of the Income Tax Assessment Act 1997 (about CGT)); or

  (ii)   whether an amount is allowable as a deduction to the company; or

  (b)   determining whether the company makes a capital gain or capital loss.