Taxation Laws (Clearing and Settlement Facility Support) Act 2004
No. 56, 2004
An Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes
Contents
1 Short title
2 Commencement
3 No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001
Taxation Laws (Clearing and Settlement Facility Support) Act 2004
No. 56, 2004
An Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes
[Assented to 27 April 2004]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Taxation Laws (Clearing and Settlement Facility Support) Act 2004.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001
(1) No consequences arise, for the purposes of any Commonwealth laws relating to:
(a) tax for which liability is worked out under the income tax law; or
(b) GST;
in respect of a payment under subsection 891A(1) of the Corporations Act 2001.
(2) This section applies to any payment made after the day the Bill for this Act was introduced into the Parliament.
(3) In this section:
GST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.
income tax law has the same meaning as in the Income Tax Assessment Act 1997.
[Minister’s second reading speech made in—
House of Representatives on 4 December 2003
Senate on 11 February 2004]
(203/03)