Document ID: chunk:federal_register_of_legislation:C2010C00578:clause:3_11
Version: federal_register_of_legislation:C2010C00578
Segment Type: clause
Provision Reference: sch 3 cl 11
Character Range: 61832–62970

11  Subsection 995‑1(1) (definition of equity capital)
Repeal the definition, substitute:

equity capital of an entity at a particular time means the total of the following as at that time:
 (a) the issue price (however described) of each *equity interest in the entity that is still *on issue, reduced by so much (if any) of the issue price as remains unpaid;
 (b) the entity's general reserves and asset revaluation reserves;
 (c) the entity's retained earnings;
 (d) the entity's net earnings (if any) for the current year, reduced by:
 (i) the *tax the entity expects to pay in respect of those net earnings; and
 (ii) so much of each distribution to the entity's *members that has been made or declared as at that time as is attributable to the entity's earnings for the current year;
 (e) if the entity is a *corporate tax entity—provisions for *distributions of profit;
 (f) if paragraph (e) does not apply—provisions for distributions to the entity's *members;
reduced by the total of the following as at that time:
 (g) the entity's negative retained earnings (if any);
 (h) the entity's net loss (if any) for the current year.