Income Tax Assessment Act 1936
View history note
Hide history noteFor the purposes of this Division, where a company buys a share in itself from a shareholder in the company:
(a) the purchase is a buy-back; and
(b) the shareholder is the seller; and
(c) if:
(i) the share is listed for quotation in the official list of a stock exchange in Australia or elsewhere; and
the buy-back is an on-market purchase; and
(ii) the buy-back is made in the ordinary course of trading on that stock exchange;
(d) if the buy-back is not covered by paragraph (c) - the buy-back is an off-market purchase.
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