Veterans' Entitlements Act 1986 Determination under subsection 46L(1) (23/06/2006) (Cth)
ATTACHMENT E
VETERANS’ ENTITLEMENTS ACT 1986
DETERMINATION UNDER SUBSECTION 46L(1)
No. R17/2006
I, BRUCE BILLSON, Minister for Veterans’ Affairs, determine under subsection 46L(1) of the Veterans’ Entitlements Act 1986 (the Act), that financial investments made by a person with the Westpoint Group as specified in clause 1, are not to be regarded as a financial asset, from the date ascertained under clause 2, for the purposes of sections 46D or 46E of the Act. This determination applies if the financial investment is not operating to provide any return and the investors have no access at all to the investment capital. This determination ceases to have effect if the financial investment begins to provide a return or the investors can access their investment capital.
Clause 1 : Westpoint Group means those companies and entities listed in the table below:
| ANN STREET MEZZANINE PTY LTD | NORTH SYDNEY DEVELOPMENT PTY LTD |
| BAYSHORE MEZZANINE PTY LTD | NORTH SYDNEY FINANCE LTD |
| BAYSHORE PORT MELBOURNE PTY LTD | PARAGON APARTMENTS LTD |
| BAYVIEW HERITAGE MEZZANINE PTY LTD | PARAGON APARTMENTS TRUST |
| BAYVIEW PORT MELBOURNE LTD | PARAGON COMMERCIAL SYNDICATE |
| CHOCOLATE FACTORY (WINTHROP) LTD | SCOTS CHURCH DEVELOPMENT LTD |
| EMU BREWERY MEZZANINE LTD | WARNBRO FAIR SYNDICATE |
| MARKET STREET MEZZANINE LTD | WESTPOINT CONSTRUCTIONS PTY LTD |
| MARKET STREET MEZZANINE NO.2 PTY LTD | WESTPOINT CORPORATION PTY LTD |
| MARKET STREET TRUST | WESTPOINT INCOME FUND |
| MOUNT STREET MEZZANINE PTY LTD | WESTPOINT MANAGEMENT LTD |
| MURRAY STREET TRUST | YORK STREET MEZZANINE PTY LTD |
Clause 2 : The date of effect of this determination is:
(a) where a period can be established for which a return on the financial investment was last paid, the day after the end of that period; or
(b) where no period under paragraph (a) of this clause is able to be established, the later of :
(i) 22 November 2005, being the date the Australian Securities and Investments Commission (ASIC) commenced legal proceedings in relation to a number of companies within the Westpoint Group; or
(ii) the day on which an application, or request, for exemption under subsection 46L(1) of the Act was made, or sought, by or on behalf of the person.
Dated this 23rd day of JUNE 2006
BRUCE BILLSON
Minister for Veterans’ Affairs
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