Document ID: chunk:federal_register_of_legislation:C2012C00388:clause:4_20
Version: federal_register_of_legislation:C2012C00388
Segment Type: clause
Provision Reference: sch 4 cl 20
Character Range: 51486–52974

20  After Subdivision 975‑A
Insert:

Subdivision 975‑G—What is a company's share capital account?

Table of sections

975‑300 Meaning of share capital account

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
 (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
 (e) section 46H of the Income Tax Assessment Act 1936; and
 (f) subsection 159GZZZQ(5) of the Income Tax Assessment Act 1936.

Division 2—Consequential amendments

Income Tax Assessment Act 1936