Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 197 - Tainted share capital accounts  

Subdivision 197-C - Special provisions about companies whose share capital accounts were tainted when old Division 7B was closed off  

SECTION 197-15   Account taken to have ceased to be tainted when old Division 7B was closed off  

197-15(1)    
The company's share capital account is taken to have ceased to be tainted under old Division 7B at the start of the Division 7B close-off day.

197-15(2)    
No liability to untainting tax, and no franking debit, arises under old Division 7B in relation to the share capital account being taken to have ceased to be tainted.