Business Services Industry
[726] Tax treatment of share-buy backs: ATO Practice Statement.
Australasian Business Intelligence, May, 2007
Byline: Lisa Mak
May 13, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) issued Practice Statement Law Administration PS LA 2007/9 on 2 May 2007. Titled "Share Buy-Backs", it provides guidance to ATO staff on how they are expected to apply the various tax laws to different types of on-market and off-market share buybacks. The Statement notes that the main piece of legislation governing share buybacks is to be found in Division 16K of Part III of the Income Tax Assessment Act (ITAA) 1936; the Statement does not cover those demergers that meet the conditions of Div 125 of the ITAA 1997.
Publication Date: 4 May 2007
AUSTRALIAN TAXATION OFFICE
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