Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 159GZZZK

    For the purposes of this Division, where a company buys a share in itself from a shareholder in the company:

  (a)   the purchase is a buy - back; and

  (b)   the shareholder is the seller; and

  (c)   if:

  (i)   the share is listed for quotation in the official list of a stock exchange in Australia or elsewhere; and

  (ii)   the buy - back is made in the ordinary course of trading on that stock exchange;

    the buy - back is an on - market purchase; and

  (d)   if the buy - back is not covered by paragraph   (c)--the buy - back is an off - market purchase.