New Business Tax System (Debt and Equity) Act 2001 (163 of 2001)

Schedule 1   Debt and equity interests

Part 2   Amendment of the Income Tax Assessment Act 1936

Income Tax Assessment Act 1936

114   Subsection 245-25(4) in Schedule 2C

Repeal the subsection, substitute:

(4) A non-equity share issued by a company is taken to be a commercial debt owed by the company to the shareholder.