Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 197.20

    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.