Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 703.33

  (1)   This section applies if:

  (a)   under a contract:

  (i)   a person (the seller ) stops being entitled to be registered as the holder of a * share in a company at a time (the transfer time ); and

  (ii)   another person (the buyer ) becomes entitled to be registered as the holder of the share in the company at the transfer time; and

  (b)   as a result of the contract, the seller stops being the beneficial owner of the share, and the buyer becomes the beneficial owner of the share; and

  (c)   the seller and the buyer dealt with each other at * arm's length in relation to the contract; and

  (d)   the seller and the buyer were not * associates of one another at any time during the period:

  (i)   starting when the contract was entered into; and

  (ii)   ending at the transfer time.

  (2)   For the purposes of subsection   703 - 30(1):

  (a)   the seller is taken to have stopped being the beneficial owner of the share at the transfer time; and

  (b)   the buyer is taken to have become the beneficial owner of the share at the transfer time.