Income Tax Assessment Act 1997

Insert:

(1)

This 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.

(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.