New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 (133 of 2003)
Schedule 1 Removal of taxing point on conversion or exchange of traditional securities
Income Tax Assessment Act 1997
5 After section 112-75
Insert:
112-77 Exchangeable interests
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Exchangeable interests |
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Item |
In this situation: |
Element affected: |
See section: |
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1 |
You acquire shares in a company in exchange for the disposal of an exchangeable interest, and the disposal of the exchangeable interest was to: (a) the issuer of the exchangeable interest; or (b) a connected entity of the issuer of the exchangeable interest |
First element of cost base and reduced cost base |
130-105 |
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2 |
You acquire shares in a company in exchange for the redemption of an exchangeable interest |
First element of cost base and reduced cost base |
130-105 |