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INCOME TAX ASSESSMENT ACT 1997 - SECT 975.300

Meaning of share capital account

             (1)  A company's share capital account is:

                     (a)  an account that the company keeps of its share capital; or

                     (b)  any other account (whether or not called a share capital account) that satisfies the following conditions:

                              (i)  the account was created on or after 1 July 1998;

                             (ii)  the first amount credited to the account was an amount of share capital.

             (2)  If a company has more than one account covered by subsection (1), the accounts are taken, for the purposes of this Act, to be a single account.

Note:          Because the accounts are taken to be a single account (the combined share capital account ), tainting of any of the accounts has the effect of tainting the combined share capital account.

             (3)  However, if a company's * share capital account is * tainted, that account is taken not to be a share capital account for the purposes this Act, other than:

                     (a)  subsection 118-20(6); and

                     (b)  Division 197; and

                   (ba)  paragraph 202-45(e); and

                     (c)  the definition of paid-up share capital in subsection 6(1) of the Income Tax Assessment Act 1936 ; and

                     (d)  subsection 44(1B) of the Income Tax Assessment Act 1936 ; and

                      (f)  subsection 159GZZZQ(5) of the Income Tax Assessment Act 1936 .

Table of sections

975-500    Wholly-owned groups

975-505    What is a 100% subsidiary?



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