Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 197.20

Exclusion for amounts transferred leading to there being no shares with a par value--non-Corporations Act companies

                   This Division does not apply to the transferred amount if:

                     (a)  immediately before the transfer of the amount, the company was not incorporated under the Corporations Act 2001 ; and

                     (b)  the transfer is under, or in accordance with, an * Australian law that requires or allows either or both of the following to become part of the company's * share capital account:

                              (i)  the company's share premium account;

                             (ii)  the company's capital redemption reserve; and

                     (c)  the transfer is made as part of a process that leads to there being no * shares in the company that have a par value; and

                     (d)  the amount is transferred from the company's share premium account or capital redemption reserve.



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