Treasury Laws Amendment (2023 Measures No. 1) Act 2023 (101 of 2023)
Schedule 4 Off-market share buy-backs
Part 1 Off-market share buy-backs
Division 1 Main amendments
Income Tax Assessment Act 1997
8 Subsection 205-30(1) (after table item 9)
Insert:
|
9A |
(a) the entity purchases a *membership interest in itself; and (b) the purchase is an *off-market buy-back; and (c) the entity is a *listed public company |
an amount equal to the debit that would have arisen if: (a) the purchase of the interest 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 purchase 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 interest is purchased |
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