INCOME TAX ASSESSMENT ACT 1997 - SECT 197.5 Division generally applies to an amount transferred to share capital account from another account
INCOME TAX ASSESSMENT ACT 1997 - SECT 197.5
Division generally applies to an amount transferred to share capital account from another account(1) Subject to subsection (2), this Division applies to an amount (the transferred amount ) that is transferred to a company's * share capital account from another of the company's accounts, if the company was an Australian resident immediately before the time of the transfer.
Note: If a company has 2 or more share capital accounts, those accounts are taken to be a single account (see subsection 975 - 300(2)).
(2) The other provisions of this Subdivision may stop this
Division from applying to some or all of the transferred amount. If those
other provisions stop this Division from applying to only some of the
transferred amount, this Division (other than this Subdivision) applies to the
balance of the transferred amount as if only that balance of the amount had
been transferred to the company's * share capital account.