Taxation Laws Amendment (Company Law Review) Act 1998 (63 of 1998)

Schedule 2   Tainting rule

Income Tax Assessment Act 1936

2   Section 160APA

Insert:

company with only lower tax shareholders , in relation to a tainted share capital account, means a company whose only shareholders were:

(a) other companies (other than life assurance companies or registered organisations); or

(b) non-residents; or

(c) other companies (other than life assurance companies or registered organisations) and non-residents;

throughout the period beginning when the share capital account most recently became tainted under section 160ARDM and ending when the company makes an election under section 160ARDR or 160ARDW to untaint the account.