Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 109NB

Loans to purchase shares under employee share schemes not treated as dividends

                   A private company is not taken under section 109D to pay a dividend because of a loan made solely for the purpose of enabling the shareholder, or an associate of the shareholder, to acquire an ESS interest under an employee share scheme (within the meaning of the Income Tax Assessment Act 1997 ) to which:

                     (a)  Subdivision 83A-B, and the provisions referred to in paragraphs 83A-33(1)(a) to (c), of that Act apply; or

                    (aa)  Subdivision 83A-B, and the provisions referred to in paragraphs 83A-35(1)(a) and (b), of that Act apply; or

                     (b)  Subdivision 83A-C of that Act applies.



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