Treasury Laws Amendment (2023 Measures No. 1) Act 2023 (101 of 2023)
Schedule 4 Off-market share buy-backs
Part 2 Selective share cancellations
Income Tax Assessment Act 1997
20 Subsection 205-30(1) (before table item 10)
Insert:
|
9B |
the entity makes a *distribution to which paragraph 202-45(k) applies (consideration for cancellation of membership interest as part of selective reduction of capital) |
an amount equal to the debit that would have arisen if: (a) the distribution were a *frankable distribution equal to the one that would have arisen if the entity were not a *listed public company; and (b) the distribution were *franked at the entity's *benchmark franking percentage for the *franking period in which the distribution was made or, if the entity does not have a benchmark franking percentage for the period, at a *franking percentage of 100% |
on the day on which the distribution is made |