Income Tax Assessment Act 1936
View history note
Hide history noteWhere a buy-back is an on-market purchase, then:
(a) in determining, for the purposes of this Act:
(i) whether an amount is included in the assessable income of the seller under a provision of this Act other than Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about CGT); or
(ii) whether an amount is allowable as a deduction to the seller; or
(b) whether the seller makes a capital gain or capital loss;
in respect of the buy-back, the seller is taken to have received or to be entitled to receive, as consideration in respect of the sale of the share, the purchase price in respect of the buy-back of the share.
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