Section 82Q — Income Tax Assessment Act 1936: Classes of shares

(1) Shares in the capital of a company to which there are attached the same rights, including the following rights: (a) rights in respect of voting; (b) rights in respect of dividends; (c) rights in respect of distribution of share capital in consequence of a reduction of share capital; (d) rights in respect of distribution of the property of the company in the event of the winding up of the company; constitute a class of shares for the purposes of this Division, and no other shares in the capital of the company constitute a class of shares for such purposes. (2) Notwithstanding anything contained in subsection (1), a share in the capital of a company to be allotted upon the exercise of the option to convert given under the terms applicable to a convertible note shall not, for the purposes of this Division, be deemed to be a share of a different class from a share in the capital of the company already allotted by reason only that during the period of one year after the allotment of the first-mentioned share, any dividend payable in respect of the share will or may be less than any dividend payable in respect of the second-mentioned share.