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 |
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
