Taxation Laws Amendment Act (No. 2) 1994 (82 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 4   Amendments relating to capital gains tax

Subdivision J   Rebatable dividend adjustments

65   Part of off-market purchase price is a dividend

Section 159GZZZP of the Principal Act is amended by adding at the end the following subsection:

"(3) For the purposes of paragraph (1)(b), a rebatable dividend adjustment that arises in relation to the share under subsection 159GZZZMA(1) is taken to be an amount of the purchase price in respect of the buy-back of the share which is debited against amounts standing to the credit of a share premium account of the company.".


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