Income Tax Assessment Act 1997
View history note
Hide history noteThis section applies if:
(a) under a contract:
(i) a person (the seller ) stops being entitled to be registered as the holder of a * share in a company at a time (the transfer time ); and
(ii) another person (the buyer ) becomes entitled to be registered as the holder of the share in the company at the transfer time; and
(b) as a result of the contract, the seller stops being the beneficial owner of the share, and the buyer becomes the beneficial owner of the share; and
(c) the seller and the buyer dealt with each other at * arm's length in relation to the contract; and
(d) the seller and the buyer were not * associates of one another at any time during the period:
(i) starting when the contract was entered into; and
(ii) ending at the transfer time.
703-33(2)
For the purposes of subsection 703-30(1) :
(a) the seller is taken to have stopped being the beneficial owner of the share at the transfer time; and
(b) the buyer is taken to have become the beneficial owner of the share at the transfer time.
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