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On 20 December 2007, the ATO released a draft Practice Statement PS LA 1552 for public comment by 29 January 2008. The draft is entitled "Application of section 45B of the Income Tax Assessment Act 1936 to share capital reductions." The purpose of the draft is to provide instruction and practical guidance to tax officers on the application of s 45B of ITAA 1936 to a share capital reduction by a company (or certain unit trusts treated as a company or head company for consolidation purposes), including a non-share distribution to the extent to which it is a non-share capital return.

For a copy of PS LA 1552, go here

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