The taxation implications of company law reform
A discussion document
December 1993
Annex 5.1: Nominal Value, Nominal Capital and Par Value References
Nominal Value
Income Tax Act
- Section 7(4) - defining when two companies consist substantially of the same shareholders.
- Section 8(1)(b) - defining when a company and an individual are associated persons.
- Section 67(2)(b) - profits or gains from land transactions.
- Section 150(1)(d) - contributions to employees' superannuation schemes.
- Section 166(2)(b) - notional interest on loans made to employees under employee share purchase schemes.
- Section 194(5) - deduction for dividends paid on specified preference shares issued before 23 October 1986.
- Section 195(2) - interest on debentures issued in substitution for shares.
- Section 214E(1) - petroleum mining operations regime associated persons definition.
Stamp and Cheque Duties Act
- Section 22B(4)(c) - conveyance duty exemption for first farm purchase.
Estate and Gift Duties Act
- Section 75(1)(b),(c) - gift duty exemption for certain payments by employers.
Nominal Capital
Income Tax Act
- Section 7(2), (5) - defining when a company is under the control of any person.
- Section 245C(4)(b) - calculation of control interest.
- Section 245D(2)(b) - calculation of income interest.
- Section 245E(1) - variations in control or income interests.
Par Value
Income Tax Act
- Section 194(1)(e), (f) - deduction for dividends paid on specified preference shares issued before 23 October 1986.