Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 82Q

Classes of shares

  (1)   Shares in the capital of a company to which there are attached the same rights, including the following rights:

  (a)   rights in respect of voting;

  (b)   rights in respect of dividends;

  (c)   rights in respect of distribution of share capital in consequence of a reduction of share capital;

  (d)   rights in respect of distribution of the property of the company in the event of the winding up of the company;

constitute a class of shares for the purposes of this Division, and no other shares in the capital of the company constitute a class of shares for such purposes.

  (2)   Notwithstanding anything contained in subsection   (1), a share in the capital of a company to be allotted upon the exercise of the option to convert given under the terms applicable to a convertible note shall not, for the purposes of this Division, be deemed to be a share of a different class from a share in the capital of the company already allotted by reason only that during the period of one year after the allotment of the first - mentioned share, any dividend payable in respect of the share will or may be less than any dividend payable in respect of the second - mentioned share.



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