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TD 1999/D45 (Finalised)replacedchange

Income tax: capital gains: does CGT event G1 in section 104-135 of the Income Tax Assessment Act 1997 (about capital payments for shares) apply to a bonus share issued out of a share capital account?

Preamble

No. Subdivision 130-A of the Income Tax Assessment Act 1997 ('the 1997 Act') deals specifically with the treatment of bonus shares. It applies rather than section 104-135 .

This Taxation Determination rewrites and replaces Taxation Determination 32. There is no material change in this Taxation Determination to the views expressed in TD 32 apart from updating it with the rewritten income tax law in the 1997 Act and with recent Corporations Law changes.

Subdivision 130-A and section 104-135 of the 1997 Act, to which this Determination refers, express the same ideas, respectively, as Divisions 8 and 8A and section 160ZL of the Income Tax Assessment Act 1936.

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