Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16K - Effect of buy-backs of shares  

Subdivision A - Interpretation  

SECTION 159GZZZM  

159GZZZM   PURCHASE PRICE IN RESPECT OF BUY-BACK  

For the purposes of this Division, the purchase price in respect of a buy-back of a share is:

(a) if the seller has received or is entitled to receive an amount or amounts of money as a result of or in respect of the buy-back - that amount or the sum of those amounts; or

(b) if the seller has received or is entitled to receive property other than money as a result of or in respect of the buy-back - the market value of that property at the time of the buy-back; or

(c) if the seller has received or is entitled to receive both an amount or amounts of money and property other than money as a result of or in respect of the buy-back - the sum of that amount or those amounts and the market value of that property at the time of the buy-back.