Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf a company buys - back a share then the buy - back, and any subsequent cancellation of the share, are disregarded for the purposes of:
(a) determining for the purposes of this Act:
(i) whether an amount is included in the assessable income of the company under a provision of this Act (other than a provision of Part 3 - 1 or 3 - 3 of the Income Tax Assessment Act 1997 (about CGT)); or
(ii) whether an amount is allowable as a deduction to the company; or
(b) determining whether the company makes a capital gain or capital loss.