{"id":"C2004A05062","name":"Airports (Transitional) Act 1996","slug":"airports-transitional-act-1996","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"36 of 1996","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":39026,"registerId":"commonwealth-C2004A05062-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Introduction","content":"## Part 1—Introduction","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Simplified outline","content":"#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":"Sydney West Airport","content":"#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.","sortOrder":5},{"sectionNumber":"6","sectionType":"section","heading":"Sale time for Commonwealth‑owned company","content":"#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.","sortOrder":6},{"sectionNumber":"7","sectionType":"section","heading":"Crown to be bound","content":"#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.","sortOrder":7},{"sectionNumber":"8","sectionType":"section","heading":"External Territories","content":"#### 8 External Territories\n\n This Act extends to all the external Territories.","sortOrder":8},{"sectionNumber":"9","sectionType":"section","heading":"Extra‑territorial operation","content":"#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.","sortOrder":9},{"sectionNumber":"Part 2","sectionType":"part","heading":"Transfers from the FAC to the Commonwealth","content":"## Part 2—Transfers from the FAC to the Commonwealth","sortOrder":10},{"sectionNumber":"10","sectionType":"section","heading":"Simplified outline","content":"#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.","sortOrder":11},{"sectionNumber":"11","sectionType":"section","heading":"Transfer of FAC land to the Commonwealth","content":"#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.","sortOrder":12},{"sectionNumber":"12","sectionType":"section","heading":"Transfer of other FAC assets to the Commonwealth","content":"#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":13},{"sectionNumber":"13","sectionType":"section","heading":"Transfer of the FAC’s contractual rights and obligations to the Commonwealth","content":"#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":14},{"sectionNumber":"14","sectionType":"section","heading":"Transfer of FAC liabilities to the Commonwealth","content":"#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":15},{"sectionNumber":"15","sectionType":"section","heading":"Transferred airport ceases to be a Federal airport for purposes of the FAC Act","content":"#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.","sortOrder":16},{"sectionNumber":"16","sectionType":"section","heading":"Transfers of FAC land may be registered","content":"#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.","sortOrder":17},{"sectionNumber":"17","sectionType":"section","heading":"FAC land leased to the Commonwealth","content":"#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.","sortOrder":18},{"sectionNumber":"18","sectionType":"section","heading":"Lands Acquisition Act does not apply to this Part","content":"#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.","sortOrder":19},{"sectionNumber":"Part 3","sectionType":"part","heading":"Original grants of airport leases to companies","content":"## Part 3—Original grants of airport leases to companies","sortOrder":20},{"sectionNumber":"19","sectionType":"section","heading":"Simplified outline","content":"#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.","sortOrder":21},{"sectionNumber":"20","sectionType":"section","heading":"Scope of Part","content":"#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.","sortOrder":22},{"sectionNumber":"21","sectionType":"section","heading":"Commonwealth may grant airport lease to a Commonwealth‑owned company","content":"#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.","sortOrder":23},{"sectionNumber":"22","sectionType":"section","heading":"Commonwealth may grant airport lease to a company that is not owned by the Commonwealth","content":"#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.","sortOrder":24},{"sectionNumber":"23","sectionType":"section","heading":"Transfer or lease of assets to company","content":"#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":25},{"sectionNumber":"24","sectionType":"section","heading":"Transfer of contractual rights and obligations","content":"#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":26},{"sectionNumber":"25","sectionType":"section","heading":"Transfer of liability to company","content":"#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":27},{"sectionNumber":"26","sectionType":"section","heading":"Airport lease granted subject to existing interests in the land","content":"#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.","sortOrder":28},{"sectionNumber":"27","sectionType":"section","heading":"Entries in title registers","content":"#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.","sortOrder":29},{"sectionNumber":"28","sectionType":"section","heading":"Lands Acquisition Act does not apply to this Part","content":"#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.","sortOrder":30},{"sectionNumber":"Part 4","sectionType":"part","heading":"Transfer of the FAC’s assets or contracts to airport‑lessee companies","content":"## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies","sortOrder":31},{"sectionNumber":"29","sectionType":"section","heading":"Simplified outline","content":"#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.","sortOrder":32},{"sectionNumber":"30","sectionType":"section","heading":"Transfer of assets","content":"#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":33},{"sectionNumber":"31","sectionType":"section","heading":"Transfer of contractual rights and obligations","content":"#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":34},{"sectionNumber":"Part 5","sectionType":"part","heading":"Transfer of the FAC’s liabilities to airport‑lessee companies","content":"## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies","sortOrder":35},{"sectionNumber":"32","sectionType":"section","heading":"Simplified outline","content":"#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.","sortOrder":36},{"sectionNumber":"33","sectionType":"section","heading":"Transfer of liabilities","content":"#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":37},{"sectionNumber":"Part 6","sectionType":"part","heading":"Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth","content":"## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth","sortOrder":38},{"sectionNumber":"34","sectionType":"section","heading":"Simplified outline","content":"#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.","sortOrder":39},{"sectionNumber":"35","sectionType":"section","heading":"When this Part applies","content":"#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.","sortOrder":40},{"sectionNumber":"36","sectionType":"section","heading":"Commonwealth may pay the FAC an amount before disposal of shares","content":"#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.","sortOrder":41},{"sectionNumber":"37","sectionType":"section","heading":"Commonwealth must pay an amount to the FAC","content":"#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.","sortOrder":42},{"sectionNumber":"38","sectionType":"section","heading":"Capital for the FAC following disposal of shares","content":"#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.","sortOrder":43},{"sectionNumber":"Part 7","sectionType":"part","heading":"Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth","content":"## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth","sortOrder":44},{"sectionNumber":"40","sectionType":"section","heading":"Simplified outline","content":"#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.","sortOrder":45},{"sectionNumber":"41","sectionType":"section","heading":"When this Part applies","content":"#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.","sortOrder":46},{"sectionNumber":"42","sectionType":"section","heading":"Commonwealth must pay an amount to the FAC","content":"#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.","sortOrder":47},{"sectionNumber":"43","sectionType":"section","heading":"Capital for the FAC after consideration becomes payable","content":"#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.","sortOrder":48},{"sectionNumber":"44","sectionType":"section","heading":"Appropriation of Consolidated Revenue Fund","content":"#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.","sortOrder":49},{"sectionNumber":"Part 8","sectionType":"part","heading":"Special tax rules","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":50},{"sectionNumber":"Division 1","sectionType":"division","heading":"Simplified outline","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":51},{"sectionNumber":"45","sectionType":"section","heading":"Simplified outline","content":"#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.","sortOrder":52},{"sectionNumber":"Division 2","sectionType":"division","heading":"Exemption from stamp duty and other taxes","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":53},{"sectionNumber":"46","sectionType":"section","heading":"Exemption from stamp duty and other taxes","content":"#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.","sortOrder":54},{"sectionNumber":"47","sectionType":"section","heading":"Airport‑lessee company not liable to stamp duty on pre‑grant instruments","content":"#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.","sortOrder":55},{"sectionNumber":"48","sectionType":"section","heading":"Stamp duty—transfers of assets or liabilities to privately‑owned companies","content":"#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.","sortOrder":56},{"sectionNumber":"Division 3","sectionType":"division","heading":"Special income tax rules","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":57},{"sectionNumber":"48A","sectionType":"section","heading":"Definitions","content":"#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.","sortOrder":58},{"sectionNumber":"49B","sectionType":"section","heading":"Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997","content":"#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.","sortOrder":59},{"sectionNumber":"50B","sectionType":"section","heading":"Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997","content":"#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.","sortOrder":60},{"sectionNumber":"51B","sectionType":"section","heading":"Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997","content":"#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.","sortOrder":61},{"sectionNumber":"52A","sectionType":"section","heading":"Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997","content":"#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.","sortOrder":62},{"sectionNumber":"54A","sectionType":"section","heading":"Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997","content":"#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.","sortOrder":63},{"sectionNumber":"55","sectionType":"section","heading":"Modification of capital allowances and capital gains tax provisions","content":"#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.","sortOrder":64},{"sectionNumber":"Part 9","sectionType":"part","heading":"Transfer of staff from the FAC to airport‑lessee companies","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":65},{"sectionNumber":"57","sectionType":"section","heading":"Simplified outline","content":"#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.","sortOrder":67},{"sectionNumber":"58","sectionType":"section","heading":"Transfer of staff from the FAC","content":"#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.","sortOrder":69},{"sectionNumber":"59","sectionType":"section","heading":"Terms and conditions of transferred employees","content":"#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.","sortOrder":71},{"sectionNumber":"60","sectionType":"section","heading":"Variation of terms and conditions of employment","content":"#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.","sortOrder":72},{"sectionNumber":"61","sectionType":"section","heading":"Statement of accrued benefits","content":"#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.","sortOrder":73},{"sectionNumber":"Division 4","sectionType":"division","heading":"Mobility rights","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":74},{"sectionNumber":"62","sectionType":"section","heading":"Cessation of mobility rights","content":"#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.","sortOrder":75},{"sectionNumber":"Division 5","sectionType":"division","heading":"Long service leave","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":76},{"sectionNumber":"63","sectionType":"section","heading":"Long service leave rules set out in Schedule 1","content":"#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.","sortOrder":77},{"sectionNumber":"Division 6","sectionType":"division","heading":"Superannuation","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":78},{"sectionNumber":"64","sectionType":"section","heading":"Superannuation rules set out in Schedule 2","content":"#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.","sortOrder":79},{"sectionNumber":"Division 7","sectionType":"division","heading":"Safety, Rehabilitation and Compensation Act 1988","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":80},{"sectionNumber":"65","sectionType":"section","heading":"Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3","content":"#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.","sortOrder":81},{"sectionNumber":"Part 10","sectionType":"part","heading":"FAC’s debts","content":"An Act relating to the leasing of airports, and for related purposes\n\n## Part 1—Introduction\n\n#### 1 Short title\n\n This Act may be cited as the Airports (Transitional) Act 1996.\n\n#### 2 Commencement\n\n This Act commences on the day on which it receives the Royal Assent.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act provides for the leasing of certain airports.\n\n• Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport‑lessee company.\n\n#### 4 Definitions\n\n In this Act, unless the contrary intention appears:\n\n> airport has the same meaning as in the Airports Act 1996.\n\n> airport lease has the same meaning as in the Airports Act 1996.\n\n> airport‑lessee company has the same meaning as in the Airports Act 1996.\n\n> airport site has the same meaning as in the Airports Act 1996.\n\n> asset means:\n\n (a) any legal or equitable estate or interest in real or personal property, including a contingent or prospective one; and\n (b) any right, privilege or immunity, including a contingent or prospective one.\n\n> company means a body corporate.\n\n> contract includes:\n\n (a) a deed; and\n (b) a deed poll.\n\n> employee includes apprentice.\n\n> FAC means the Federal Airports Corporation.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> instrument includes a document.\n\n> land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.\n\n> leased, in relation to assets other than land, means let on hire (whether or not described as a lease) under an agreement other than a hire‑purchase agreement.\n\n> liability means a liability or duty, including a contingent or prospective one.\n\n> sale time, in relation to an airport‑lessee company, has the meaning given by section 6.\n\n> share, in relation to a company, means a share in the company’s share capital.\n\n> transferred employee means a person whose employment is transferred in accordance with a declaration under section 58.\n\n> transfer time, in relation to an employee, has the meaning given by section 58.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n#### 5 Sydney West Airport\n\n For the purposes of this Act, Sydney West Airport is taken to be an airport at a particular time even if, at that time, it is:\n (a) merely intended to be developed for use as an airport; or\n (b) being developed for use as an airport.\n\n#### 6 Sale time for Commonwealth‑owned company\n\n (1) This section applies to:\n (a) an airport‑lessee company that was granted an airport lease under section 21; or\n (b) an airport‑lessee company that was granted an airport lease under section 22, where, at any time before the grant of the lease, a majority of the voting shares in the company were held by:\n (i) the Commonwealth; or\n (ii) a nominee of the Commonwealth.\n (2) If, in the opinion of the Finance Minister, a particular time is the first time after the commencement of this section on which a majority of the voting shares in the company are or were acquired by a person, or persons, other than:\n (a) the Commonwealth; or\n (b) a nominee of the Commonwealth;\n the Finance Minister must, by notice in the Gazette, declare the time to be the sale time for the company.\n (3) The declaration has effect accordingly.\n (4) The notice must be published within 21 days after the time concerned.\n\n#### 7 Crown to be bound\n\n (1) This Act binds the Crown in the right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 8 External Territories\n\n This Act extends to all the external Territories.\n\n#### 9 Extra‑territorial operation\n\n This Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country.\n\n## Part 2—Transfers from the FAC to the Commonwealth\n\n#### 10 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Airport land and certain other assets and liabilities will be transferred from the FAC to the Commonwealth.\n\n• If airport land is transferred to the Commonwealth, the airport will cease to be a Federal airport for the purposes of the Federal Airports Corporation Act 1986.\n\n• Land transfers may be registered by State/Territory land registration officials.\n\n• If the Commonwealth has a lease of any transferred land, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 11 Transfer of FAC land to the Commonwealth\n\n (1) This section applies to land in which the FAC has any right, title or interest.\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that the FAC’s right, title and interest in specified land vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to specified land continues to have effect after the FAC’s right, title and interest in the land vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to the FAC’s right, title and interest in specified land immediately after the FAC’s right, title and interest in the land vests in the Commonwealth.\n\n> Note: Land or an instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n (3) A declaration has effect accordingly.\n (4) If the FAC’s right, title or interest arises out of a lease, all obligations and benefits of the FAC under, or connected with, the lease:\n (a) pass to the Commonwealth; and\n (b) cease to be enforceable by or against the FAC;\n whether or not the obligations or benefits touch and concern the land.\n\n> Note: This section only provides for the transfer of the FAC’s rights, title and interests. Accordingly, it does not affect the continued existence of existing leases or other existing interests.\n\n#### 12 Transfer of other FAC assets to the Commonwealth\n\n (1) This section applies to an asset of the FAC (other than land).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified asset vests in the Commonwealth without any conveyance, transfer or assignment;\n (b) a declaration that a specified instrument relating to a specified asset continues to have effect after the asset vests in the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the Commonwealth.\n (3) A declaration has effect accordingly.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 13 Transfer of the FAC’s contractual rights and obligations to the Commonwealth\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC at a specified time; and\n (b) become rights and obligations of the Commonwealth immediately after that time.\n (3) The Finance Minister may, by written instrument, declare that a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the contract to the FAC were a reference to the Commonwealth.\n (4) The Finance Minister may, by written instrument, declare that a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth, as if a reference in the instrument to the FAC were a reference to the Commonwealth.\n (5) The Finance Minister may, by written instrument, declare that the Commonwealth becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the Commonwealth.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 12.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 14 Transfer of FAC liabilities to the Commonwealth\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, make any or all of the following declarations:\n (a) a declaration that a specified liability ceases to be a liability of the FAC and becomes a liability of the Commonwealth;\n (b) a declaration that a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the Commonwealth as if a reference in the instrument to the FAC were a reference to the Commonwealth;\n (c) a declaration that the Commonwealth becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the Commonwealth.\n (3) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 15 Transferred airport ceases to be a Federal airport for purposes of the FAC Act\n\n (1) This section applies if the FAC’s right, title and interest in particular land vests in the Commonwealth under this Part.\n (2) If that land is, or is part of, a Federal airport (within the meaning of the Federal Airports Corporation Act 1986), that airport ceases to be a Federal airport for the purposes of that Act.\n (3) If that land is, or is part of, a Federal airport development site (within the meaning of the Federal Airports Corporation Act 1986), that site ceases to be such a site for the purposes of that Act.\n\n#### 16 Transfers of FAC land may be registered\n\n (1) This section applies if:\n (a) any right, title and interest in particular land vests in the Commonwealth under this Part; and\n (b) there is lodged with a land registration official a certificate that:\n (i) is signed by an authorised person; and\n (ii) identifies the land, whether by reference to a map or otherwise; and\n (iii) states that the right, title and interest has become vested in the Commonwealth under this Part.\n\n> Note: Authorised person is defined by subsection (4).\n\n (2) The land registration official may:\n (a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and\n (b) deal with, and give effect to, the certificate.\n (3) A document that appears to be a certificate under subsection (1) is taken to be such a certificate, and to have been properly given, unless the contrary is established.\n (4) In this section:\n\n> authorised person means:\n\n (a) the Finance Minister; or\n (b) a person authorised by the Finance Minister, in writing, for the purposes of this section.\n\n#### 17 FAC land leased to the Commonwealth\n\n (1) This section applies to land:\n (a) in which the FAC had any right, title or interest; and\n (b) that was leased to the Commonwealth.\n (2) If the FAC’s right, title and interest in the land vests in the Commonwealth under this Part, the Commonwealth’s interest under the lease does not merge in the greater estate or interest that becomes vested in the Commonwealth under this Part.\n\n> Note: This means, in effect, that the Commonwealth will be treated as if it had leased the land to itself. When an airport lease is granted, the lessee of the lease referred to in paragraph (1)(b) will become the lessee of the airport‑lessee company.\n\n#### 18 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply in relation to anything done under this Part.\n\n## Part 3—Original grants of airport leases to companies\n\n#### 19 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Commonwealth will grant an airport lease to a company. The company is called an airport‑lessee company.\n\n• Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport‑lessee company.\n\n• The Commonwealth may transfer certain contracts and liabilities to the airport‑lessee company.\n\n• Airport leases are granted subject to existing leases and other interests.\n\n• The existence of this Act may be noted on title registers.\n\n• The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n#### 20 Scope of Part\n\n This Part applies to the following airports:\n (a) a core regulated airport (within the meaning of the Airports Act 1996);\n (b) Mt. Isa Airport;\n (c) Tennant Creek Airport;\n (d) Archerfield Airport;\n (e) Essendon Airport;\n (ea) Jandakot Airport;\n (eb) Moorabbin Airport;\n (ec) Parafield Airport;\n (ed) Bankstown Airport;\n (ee) Camden Airport;\n (ef) Hoxton Park Airport;\n (f) an airport specified in the regulations, where the airport site is owned by the Commonwealth.\n\n#### 21 Commonwealth may grant airport lease to a Commonwealth‑owned company\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company all of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 22 Commonwealth may grant airport lease to a company that is not owned by the Commonwealth\n\n (1) The Commonwealth may grant an airport lease under this section.\n (2) The Commonwealth must not grant an airport lease under this section unless the lessee is a company none of whose shares are beneficially owned by the Commonwealth.\n (3) If a purported lease contravenes subsection (2), it is of no effect.\n\n> Note: In addition to the requirements of subsection (2), a grant must comply with the rules in Part 2 of the Airports Act 1996.\n\n#### 23 Transfer or lease of assets to company\n\n (1) This section applies to an asset that has vested in the Commonwealth under section 11 or 12.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) The Commonwealth may lease an asset to a company that was granted an airport lease under section 21 or 22.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 24 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 23.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 25 Transfer of liability to company\n\n (1) This section applies to a liability that has become a liability of the Commonwealth under section 14.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, then, immediately after the grant, a specified liability ceases to be a liability of the Commonwealth and becomes a liability of the company.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified liability continues to have effect after the liability becomes a liability of the company as if a reference in the instrument to the FAC or the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 26 Airport lease granted subject to existing interests in the land\n\n (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned.\n (2) Unless the Finance Minister otherwise determines:\n (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease:\n (i) pass to the airport‑lessee company; and\n (ii) cease to be enforceable by or against the Commonwealth;\n whether or not the obligations or benefits touch and concern the land; and\n (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and\n (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease.\n\n> Note 1: The lessees of existing leases become lessees of the airport‑lessee company.\n\n> Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease.\n\n (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.\n\n#### 27 Entries in title registers\n\n (1) This section applies if an airport lease is granted under section 21 or 22.\n (2) A land registration official may make such entries or notations in or on registers or other documents kept by the official (in electronic form or otherwise) as the official thinks appropriate for the purposes of drawing the attention of persons to the existence of this Act.\n\n#### 28 Lands Acquisition Act does not apply to this Part\n\n The Lands Acquisition Act 1989 does not apply to anything done under this Part.\n\n## Part 4—Transfer of the FAC’s assets or contracts to airport‑lessee companies\n\n#### 29 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC assets or contracts may be transferred to the company.\n\n#### 30 Transfer of assets\n\n (1) This section applies to an asset of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified asset vests in the company immediately after the grant without any conveyance, transfer or assignment.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified asset continues to have effect after the asset vests in the company as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified asset immediately after the asset vests in the company.\n (5) A declaration under this section has effect accordingly.\n (6) Any consideration payable for the transfer of an asset under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: An asset or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 31 Transfer of contractual rights and obligations\n\n (1) This section applies to a contract (other than a contract of employment) to which the FAC is a party.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the FAC’s rights and obligations under a specified contract:\n (a) cease to be rights and obligations of the FAC immediately after the grant; and\n (b) become rights and obligations of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law, in relation to the FAC’s rights and obligations under a specified contract, immediately after the FAC’s rights and obligations under the contract become rights and obligations of the company.\n (6) A declaration under this section has effect accordingly.\n (7) This section does not, by implication, limit section 30.\n (8) Any consideration payable for a transfer under this section is payable to the Commonwealth instead of to the FAC.\n\n> Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 5—Transfer of the FAC’s liabilities to airport‑lessee companies\n\n#### 32 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain FAC liabilities may be transferred to the company.\n\n#### 33 Transfer of liabilities\n\n (1) This section applies to a liability of the FAC (other than a liability under a contract).\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified liability:\n (a) ceases to be a liability of the FAC immediately after the grant; and\n (b) becomes a liability of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument creating a specified liability continues to have effect after the grant as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company.\n (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the FAC’s successor in law in relation to a specified liability immediately after the liability becomes a liability of the company.\n (5) A declaration under this section has effect accordingly.\n\n> Note: A liability or instrument may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 6—Treatment of sale of shares in an airport‑lessee company owned by the Commonwealth\n\n#### 34 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is owned by the Commonwealth.\n\n• Before the Commonwealth disposes of its shares in an airport‑lessee company, the Finance Minister may determine that:\n\n(a) the FAC should be paid capital; and\n\n(b) the FAC should pay the Commonwealth an amount by way of return of capital.\n\n• If the Commonwealth disposes of its shares in an airport‑lessee company:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 35 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n\n#### 36 Commonwealth may pay the FAC an amount before disposal of shares\n\n (1) This section applies in relation to an airport‑lessee company during the period:\n (a) beginning when the company was granted an airport lease under section 21; and\n (b) ending at the company’s sale time.\n (2) The Finance Minister may determine in writing that the FAC should be paid a specified amount of capital. The determination must specify a company as the nominated company in relation to the payment.\n (3) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the amount specified under subsection (2).\n (4) If, because of subsection (2), an amount (the capital amount) is payable to the FAC, the Finance Minister may determine in writing that the FAC must pay a specified amount to the Commonwealth, so long as the specified amount does not exceed the capital amount.\n (5) The amount payable because of subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 37 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21.\n (2) When the consideration for those shares becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister, reduced by the amount (if any) payable because of subsection 36(2), where the company was the nominated company in relation to the payment made because of that subsection.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 38 Capital for the FAC following disposal of shares\n\n (1) This section applies if:\n (a) the Commonwealth disposes of all its shares in an airport‑lessee company that was granted an airport lease under section 21; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n## Part 7—Treatment of consideration payable by an airport‑lessee company that is not owned by the Commonwealth\n\n#### 40 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part applies if an airport‑lessee company is not owned by the Commonwealth.\n\n• If consideration becomes payable by the company to the Commonwealth for the grant of the airport lease and the transfer or lease of any airport assets:\n\n(a) the Commonwealth will pay an amount to the FAC; and\n\n(b) the FAC will pay the Commonwealth an equivalent amount by way of return of capital; and\n\n(c) the Finance Minister may determine that the FAC should be paid capital.\n\n#### 41 When this Part applies\n\n This Part applies to an airport‑lessee company if the company was granted an airport lease under section 22.\n\n#### 42 Commonwealth must pay an amount to the FAC\n\n (1) This section applies if an airport‑lessee company pays, or is liable to pay, consideration to the Commonwealth for:\n (a) the grant of the airport lease; and\n (b) the transfer or lease of any assets under section 23 or 24; and\n (c) the transfer of any assets under section 30 or 31.\n (2) When that consideration becomes payable, the Commonwealth must pay the FAC an amount determined in writing by the Finance Minister.\n (3) The amount payable under subsection (2) is payable by way of the provision of capital for the FAC.\n (4) If the Commonwealth pays an amount to the FAC under subsection (2), the FAC must pay the Commonwealth an amount equal to that amount.\n (5) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (4).\n (6) The amount payable under subsection (4) is payable by way of return of capital to the Commonwealth.\n\n#### 43 Capital for the FAC after consideration becomes payable\n\n (1) This section applies if:\n (a) an airport‑lessee company pays, or is liable to pay, to the Commonwealth an amount of consideration for:\n (i) the grant of the airport lease; and\n (ii) the transfer or lease of any assets under section 23 or 24; and\n (iii) the transfer of any assets under section 30 or 31; and\n (b) the Finance Minister determines in writing that the FAC should be paid a specified amount of capital.\n (2) The Finance Minister may authorise the payment by the Commonwealth to the FAC of the specified amount.\n\n#### 44 Appropriation of Consolidated Revenue Fund\n\n The Consolidated Revenue Fund is appropriated for the purposes of this Part.\n\n## Part 8—Special tax rules\n\n### Division 1—Simplified outline\n\n#### 45 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Certain transactions under this Act are exempt from stamp duty and other taxes.\n\n• The income tax law is modified in its application to certain transactions under this Act.\n\n### Division 2—Exemption from stamp duty and other taxes\n\n#### 46 Exemption from stamp duty and other taxes\n\n (1) In this section:\n\n> exempt matter means:\n\n (a) the grant of an airport lease by the Commonwealth under section 21; or\n (b) an agreement relating to a grant mentioned in paragraph (a); or\n (c) the transfer of an asset or a liability under section 23, 24, 25, 30, 31 or 33 to a company that was granted an airport lease under section 21; or\n (d) the lease of an asset under section 23 to a company that was granted an airport lease under section 21; or\n (e) an agreement relating to a lease mentioned in paragraph (d).\n (2) Stamp duty or other tax is not payable under a law of a State or Territory in respect of:\n (a) an exempt matter; or\n (b) anything done (including a transaction entered into or an instrument or document made, executed, lodged or given) because of, or for a purpose connected with or arising out of, an exempt matter.\n\n#### 47 Airport‑lessee company not liable to stamp duty on pre‑grant instruments\n\n (1) This section applies if, at the time a particular instrument was executed by the FAC, the FAC was exempt from stamp duty or other tax under a law of a State or Territory in respect of the instrument.\n (2) To avoid doubt, an airport‑lessee company whose airport lease is granted under section 21 or 22 is not liable to stamp duty or other tax under a law of a State or Territory in respect of:\n (a) the execution of the instrument; or\n (b) a matter connected with the instrument, if the matter occurred before the grant of the airport lease concerned.\n\n#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies\n\n (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.\n (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:\n (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and\n (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.\n\n### Division 3—Special income tax rules\n\n#### 48A Definitions\n\n In this Division:\n\n> depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> hold a depreciating asset has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> plant has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n> quasi‑owner has the meaning given by the former section 42‑310 of the Income Tax Assessment Act 1997.\n\n> quasi‑ownership right over land has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.\n\n#### 49B Special rules for fixtures that are depreciating assets—Income Tax Assessment Act 1997\n\n (1) This section applies if:\n (a) a company obtains a lease relating to particular land under section 21, 22 or 23; and\n (b) at the time the lease was obtained, a depreciating asset is attached to the land.\n (2) If:\n (a) just before the land vested in the Commonwealth under Part 2:\n (i) the part of the land to which the depreciating asset was attached was held by another entity under a quasi‑ownership right over land granted by an exempt Australian government agency; and\n (ii) the other entity was the holder of the asset; and\n (b) on the grant of the lease referred to in paragraph (1)(a), the other entity became a sub‑lessee of the company;\n then, so long as the other entity continues to hold the sub‑lease of that part of the land from the company or a successor, the other entity is taken to hold the asset.\n (3) If:\n (a) subsection (2) does not apply to the depreciating asset; and\n (b) the FAC was the holder of the asset just before the land vested in the Commonwealth under Part 2;\n that Division applies to the asset as if:\n (c) the company held the asset; and\n (d) the amount paid by the company for the grant of the lease were an amount paid for the acquisition of the right.\n (4) However, the Finance Minister may make a written determination of the cost of the asset referred to in subsection (3) for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the asset will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (5) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n (6) This section does not affect the operation of section 19 of the Civil Aviation Legislation Amendment Act 1995.\n (7) In this section:\n\n> entity means any of the following:\n\n (a) a company;\n (b) a partnership;\n (c) a person in a capacity of trustee;\n (d) any other person.\n\n#### 50B Acquisition of depreciating asset from the Commonwealth—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that:\n (a) was transferred from the Commonwealth to a company under section 23; and\n (b) at the time of transfer, was not attached to land.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 51B Acquisition of depreciating asset from the FAC—Division 40 of the Income Tax Assessment Act 1997\n\n (1) This section applies to a depreciating asset that was transferred from the FAC to a company under section 30.\n (2) The Finance Minister may make a written determination of the cost of the asset for the purposes of Division 40 of the Income Tax Assessment Act 1997.\n\n> Note: If a determination is made, the cost of the plant will be determined under item 10 of the table in subsection 40‑180(2) of the Income Tax Assessment Act 1997.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of Subdivision 40‑D of the Income Tax Assessment Act 1997 to the asset and to the FAC.\n\n#### 52A Consideration received by the FAC for transfer of assets—Income Tax Assessment Act 1997\n\n (1) This section applies to an asset that was:\n (a) transferred from the FAC to the Commonwealth under section 11, 12 or 13; or\n (b) transferred from the FAC to an airport‑lessee company under section 30 or 31.\n (2) The Finance Minister may make a written determination that the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 apply to the FAC as if the FAC had received consideration of an amount specified in the determination from the Commonwealth in respect of the transfer of a specified asset.\n\n> Note: If such a determination is relevant to working out a balancing adjustment, the termination value of the plant will be determined under item 13 or 14 of the table in former section 42‑205 of the Income Tax Assessment Act 1997, or item 11 of the table in subsection 40‑300(2) of that Act.\n\n (3) The FAC must give the Finance Minister such information as the Finance Minister requires about the application of former Subdivision 42‑F of the Income Tax Assessment Act 1997, or Subdivision 40‑D of that Act, to the asset and to the FAC.\n (4) A determination made by the Finance Minister under section 52 before the commencement of this subsection has effect as if it had also been made under this section for the purposes of the Income Tax Assessment Act 1997.\n\n#### 54A Airport‑lessee company to be capital works owner for the purposes of Division 43 of the Income Tax Assessment Act 1997\n\n (1) For the purposes of Division 43 of the Income Tax Assessment Act 1997, if:\n (a) capital works are situated on land leased under an airport lease; and\n (b) there is a pool of construction expenditure for the capital works; and\n (c) immediately before the land was transferred from the FAC to the Commonwealth under Part 2 of this Act, the FAC was the owner of the capital works for the purposes of Division 43 of the Income Tax Assessment Act 1997;\n then, so long as the airport‑lessee company concerned continues to hold the airport lease, the airport‑lessee company is taken to be the owner of the capital works.\n (2) In this section:\n\n> pool of construction expenditure has the meaning given by section 43‑85 of the Income Tax Assessment Act 1997.\n\n#### 55 Modification of capital allowances and capital gains tax provisions\n\n (1) This section applies if:\n (a) a company is granted an airport lease under section 21; and\n (b) the company’s sale time does not occur within 7 days after the grant.\n (2) The regulations may provide that:\n (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and\n (b) the provisions of either of those Acts relating to capital gains and capital losses;\n apply in relation to:\n (c) the airport lease; and\n (d) assets transferred or leased to the company under section 23, 24, 30 or 31;\n subject to such modifications as are specified in the regulations.\n\n## Part 9—Transfer of staff from the FAC to airport‑lessee companies\n\n### Division 1—Simplified outline\n\n#### 57 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If an airport lease is granted to a company, certain employees of the FAC will be transferred to the company.\n\n• A transferred employee will have terms and conditions of employment that are similar to those he or she had before the transfer.\n\n• Those terms and conditions can be varied in accordance with relevant awards etc.\n\n• Before being transferred, employees will be given statements setting out particulars of accrued benefits.\n\n• Special provision is made for:\n\n(a) mobility rights; and\n\n(b) long service leave; and\n\n(c) superannuation; and\n\n(d) the application of the Safety, Rehabilitation and Compensation Act 1988.\n\n### Division 2—Transfer of staff\n\n#### 58 Transfer of staff from the FAC\n\n (1) This section applies to an employee of the FAC.\n (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after the grant.\n (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 22 on a specified day, a specified employee:\n (a) ceases to be employed by the FAC immediately after the time ascertained in accordance with the instrument, being a time that occurs on that day and before the grant; and\n (b) is taken to have been engaged by the company as an employee of the company immediately after that time.\n (4) A declaration under this section has effect accordingly.\n (5) If subsection (2) applies to an employee, the employee’s transfer time occurs immediately after the grant.\n (6) If subsection (3) applies to an employee, the employee’s transfer time occurs immediately after the time ascertained in accordance with the instrument.\n\n### Division 3—Terms and conditions\n\n#### 59 Terms and conditions of transferred employees\n\n (1) A person who is a transferred employee is taken:\n (a) to have been engaged by the company concerned on the same terms and conditions as those that applied to the person, immediately before the employee’s transfer time, as an employee of the FAC; and\n (b) to have accrued an entitlement to benefits, in connection with that engagement by the company concerned, that is equivalent to the entitlement that the person had accrued, as an employee of the FAC, immediately before the employee’s transfer time.\n (2) The service of a transferred employee as an employee of the company concerned is taken, for all purposes, to have been continuous with the service of the employee, immediately before the employee’s transfer time, as an employee of the FAC.\n (3) A transferred employee is not entitled to receive any payment or other benefit merely because he or she stopped being an employee of the FAC as a result of this Part.\n (4) A reference in paragraph (1)(a) to terms and conditions is a reference to terms and conditions that are set out in:\n (a) a written contract of employment; or\n (b) any of the following (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009):\n (i) an award;\n (ii) a pre‑reform certified agreement;\n (iii) an individual transitional employment agreement;\n (iv) an AWA; or\n (e) an enterprise flexibility agreement (as defined by section 4 of the Workplace Relations Act 1996 as in force immediately before the commencement of Schedule 9 to the Workplace Relations and Other Legislation Amendment Act 1996) that continues to have effect because of Part 2 of that Schedule.\n\n> Note: For an instrument referred to in paragraph (b), see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009.\n\n (5) This section has effect subject to this Part.\n\n#### 60 Variation of terms and conditions of employment\n\n (1) This Division does not prevent the terms and conditions of a transferred employee’s employment after the employee’s transfer time from being varied:\n (a) in accordance with those terms and conditions; or\n (b) by or under a law, award, determination or agreement.\n (2) In this section:\n\n> vary, in relation to terms and conditions, includes:\n\n (a) omitting any of those terms and conditions; or\n (b) adding to those terms and conditions; or\n (c) substituting new terms or conditions for any of those terms and conditions.\n\n#### 61 Statement of accrued benefits\n\n (1) Before the employment of an employee of the FAC is transferred under section 58, the FAC must give the employee a written statement setting out particulars of the benefits to which the employee has accrued an entitlement.\n (2) In any proceedings relating to paragraph 59(1)(b), the statement is prima facie evidence of the matters set out in the statement.\n (3) A failure by the FAC to comply with subsection (1) does not affect the validity of the transfer of the employment of the employee.\n\n### Division 4—Mobility rights\n\n#### 62 Cessation of mobility rights\n\n (1) If:\n (a) Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then that Division ceases to apply to the employee at that time.\n (2) If:\n (a) Division 4 of Part IV of the Public Service Act 1922 applied to an employee of the FAC immediately before the employee’s transfer time; and\n (b) the airport‑lessee company to whom the employee was transferred was not a public authority (within the meaning of that Part) immediately before that time;\n then:\n (c) the Officers’ Rights Declaration Act 1928; and\n (d) Division 4 of Part IV of the Public Service Act 1922;\n cease to apply to the employee at that time.\n\n### Division 5—Long service leave\n\n#### 63 Long service leave rules set out in Schedule 1\n\n Schedule 1 has effect.\n\n### Division 6—Superannuation\n\n#### 64 Superannuation rules set out in Schedule 2\n\n Schedule 2 has effect.\n\n### Division 7—Safety, Rehabilitation and Compensation Act 1988\n\n#### 65 Safety, Rehabilitation and Compensation Act 1988 rules set out in Schedule 3\n\n Schedule 3 has effect.\n\n## Part 10—FAC’s debts\n\n### Division 1—Simplified outline\n\n#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n### Division 2—Loans by the Commonwealth\n\n#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.\n\n#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.\n\n### Division 3—Other borrowing transactions\n\n#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).\n\n#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.\n\n#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.\n\n#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.\n\n#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.\n\n#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.\n\n## Part 11—Prosecutions\n\n#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.\n\n#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.\n\n## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.\n\n#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.\n\n## Part 13—Miscellaneous\n\n#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.\n\n#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.\n\n#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.\n\n#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.\n\n#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.\n\n#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.\n\n#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.\n\n#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.\n\n#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.\n\n#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":82},{"sectionNumber":"66","sectionType":"section","heading":"Simplified outline","content":"#### 66 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Treasurer may call up a loan made by the Commonwealth to the FAC.\n\n• The Commonwealth may take over the FAC’s obligations under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).\n\n• The Commonwealth may give the FAC money to enable the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction (other than a loan made by the Commonwealth to the FAC).","sortOrder":84},{"sectionNumber":"67","sectionType":"section","heading":"Scope of Division","content":"#### 67 Scope of Division\n\n This Division applies to a loan to the FAC that was made by the Commonwealth.","sortOrder":86},{"sectionNumber":"68","sectionType":"section","heading":"Treasurer may declare that loan is due and payable","content":"#### 68 Treasurer may declare that loan is due and payable\n\n (1) The Treasurer may, by written instrument, declare that the principal amount of a specified loan, together with any accrued interest, becomes due and payable at a specified time.\n (2) The declaration has effect accordingly.\n\n> Note: A loan may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":87},{"sectionNumber":"69","sectionType":"section","heading":"Commonwealth may pay the FAC an amount equal to the amount owing","content":"#### 69 Commonwealth may pay the FAC an amount equal to the amount owing\n\n (1) If an amount becomes due and payable to the Commonwealth because of section 68, the Finance Minister may determine in writing that the Commonwealth is liable to pay the FAC an amount equal to that amount.\n (2) The determination has effect accordingly.\n (3) The amount payable under subsection (1) may be set‑off against the amount that became due and payable because of section 68.\n (4) The amount payable under subsection (1) becomes part of the capital of the FAC.","sortOrder":88},{"sectionNumber":"71","sectionType":"section","heading":"Scope of Division","content":"#### 71 Scope of Division\n\n This Division applies to a borrowing transaction of the FAC (other than a loan to which Division 2 applies).","sortOrder":90},{"sectionNumber":"72","sectionType":"section","heading":"Borrowing transactions","content":"#### 72 Borrowing transactions\n\n (1) For the purposes of this Division, a borrowing transaction is:\n (a) a loan; or\n (b) any other transaction that gives rise to a borrowing.\n (2) For the purposes of this section, borrowing includes borrowing, or otherwise raising money, by dealing in securities.\n (3) For the purposes of this section, the obtaining of credit is taken to be a borrowing of an amount equal to the value of the credit obtained.","sortOrder":91},{"sectionNumber":"73","sectionType":"section","heading":"FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions","content":"#### 73 FAC’s borrowing transactions may become the Commonwealth’s borrowing transactions\n\n (1) The Treasurer may, by notice in the Gazette, declare that, at a specified time, the FAC’s obligations under a specified borrowing transaction:\n (a) cease to be obligations of the FAC; and\n (b) become obligations of the Commonwealth.\n (2) The declaration has effect accordingly.\n (3) The Treasurer may authorise the payment of money by the Commonwealth to discharge obligations to which the declaration applies.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":92},{"sectionNumber":"74","sectionType":"section","heading":"Commonwealth takeover of certain obligations of the FAC","content":"#### 74 Commonwealth takeover of certain obligations of the FAC\n\n (1) This section applies to an obligation of the FAC under a borrowing transaction.\n (2) The Treasurer may, on behalf of the Commonwealth, enter into a contract to take over an obligation.\n (3) If the Treasurer enters into a contract under subsection (2), the Treasurer may authorise the payment of money to discharge the Commonwealth’s obligations under the contract, whether by terminating those obligations or otherwise.","sortOrder":93},{"sectionNumber":"75","sectionType":"section","heading":"Application of the Loans Securities Act 1919","content":"#### 75 Application of the Loans Securities Act 1919\n\n Sections 5A, 5B, 5C and 5D (other than paragraphs (1)(c) and (2)(c)) of the Loans Securities Act 1919 apply in relation to an obligation that is taken over by the Commonwealth under section 73 or 74 as if that obligation were a borrowing of money outside Australia:\n (a) that the Treasurer was authorised to make on behalf of the Commonwealth; and\n (b) that the Treasurer made accordingly.","sortOrder":94},{"sectionNumber":"76","sectionType":"section","heading":"Commonwealth takeover of obligations—payments by the FAC to the Commonwealth","content":"#### 76 Commonwealth takeover of obligations—payments by the FAC to the Commonwealth\n\n (1) This section applies if the FAC’s obligations under a borrowing transaction are taken over under section 73 or 74.\n (2) The FAC must pay the Commonwealth an amount determined in writing by the Finance Minister.\n (3) If the FAC pays the Commonwealth an amount under subsection (2), the Commonwealth must pay the FAC an amount equal to that amount.\n (4) The amount payable under subsection (2) may be set‑off against the amount payable under subsection (3).\n (5) The amount payable under subsection (3) is payable by way of the provision of capital.","sortOrder":95},{"sectionNumber":"77","sectionType":"section","heading":"Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction","content":"#### 77 Commonwealth may pay the FAC an amount to enable the FAC to discharge or extinguish its liability under a borrowing transaction\n\n (1) The Finance Minister may, determine in writing that there is to be paid to the FAC, at a specified time, a specified amount.\n (2) The determination has effect accordingly.\n (3) The amount is payable to the FAC subject to a condition that the amount is to be used by the FAC to discharge or extinguish the FAC’s liability under a borrowing transaction specified in the determination.\n\n> Note: A borrowing transaction may be specified by name, by inclusion in a specified class or in any other way.","sortOrder":96},{"sectionNumber":"Part 11","sectionType":"part","heading":"Prosecutions","content":"## Part 11—Prosecutions","sortOrder":97},{"sectionNumber":"79","sectionType":"section","heading":"Simplified outline","content":"#### 79 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If the Commonwealth sells its shares in an airport‑lessee company, the Director of Public Prosecutions can continue to deal with matters that occurred when the company was owned by the Commonwealth.","sortOrder":98},{"sectionNumber":"80","sectionType":"section","heading":"Continuing application of the Director of Public Prosecutions Act 1983","content":"#### 80 Continuing application of the Director of Public Prosecutions Act 1983\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) If the Director of Public Prosecutions Act 1983 ceases to apply to particular acts, omissions or proceedings in connection with an airport‑lessee company at the company’s sale time because the company ceases to be an authority of the Commonwealth for the purposes of that Act at that time, then, despite that cessation, that Act continues to apply in relation to:\n (a) acts or omissions that occurred in relation to the company before the company’s sale time; and\n (b) civil remedies in respect of relevant matters relating to acts or omissions referred to in paragraph (a).\n (3) In this section:\n\n> relevant matter has the same meaning as in the Director of Public Prosecutions Act 1983.","sortOrder":99},{"sectionNumber":"Part 12","sectionType":"part","heading":"Airport‑lessee company not to be an agency of the Commonwealth etc.","content":"## Part 12—Airport‑lessee company not to be an agency of the Commonwealth etc.","sortOrder":100},{"sectionNumber":"81","sectionType":"section","heading":"Simplified outline","content":"#### 81 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• If a Commonwealth‑owned company is granted an airport lease, the company is not treated as an agency of the Commonwealth.","sortOrder":101},{"sectionNumber":"82","sectionType":"section","heading":"Airport‑lessee company not to be an agency of the Commonwealth etc.","content":"#### 82 Airport‑lessee company not to be an agency of the Commonwealth etc.\n\n (1) This section applies to an airport‑lessee company if the company was granted an airport lease under section 21.\n (2) The airport‑lessee company is not taken, for the purposes of a law, to be:\n (a) a Commonwealth authority; or\n (b) established for a public purpose or for a purpose of the Commonwealth; or\n (c) a public authority or an agency or instrumentality of the Crown;\n unless a law expressly provides otherwise.\n (3) In this section:\n\n> law means:\n\n (a) an Act of the Commonwealth or of a State or Territory; or\n (b) regulations or any other instrument made under such an Act.","sortOrder":102},{"sectionNumber":"Part 13","sectionType":"part","heading":"Miscellaneous","content":"## Part 13—Miscellaneous","sortOrder":103},{"sectionNumber":"83","sectionType":"section","heading":"Simplified outline","content":"#### 83 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• Provision is made for the transfer of pending proceedings.\n\n• The operation of this Act is not to be regarded as placing a person in breach of contract etc.\n\n• The Consolidated Revenue Fund is appropriated for purposes in connection with the grant of an airport lease to a Commonwealth‑owned company.\n\n• This Act does not modify any register kept by a land registration official.\n\n• Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant.\n\n• Copies of declarations must be published in the Gazette.\n\n• In order to provide a constitutional safety‑net, compensation is payable in the event that the operation of this Act results in the acquisition of property otherwise than on just terms.\n\n• Commonwealth records may only be transferred or otherwise dealt with in accordance with the provisions of the Archives Act 1983.\n\n• The permission of the Australian Archives is required for the transfer of Commonwealth records to airport‑lessee companies.\n\n• This Act does not authorise the imposition of taxation.\n\n• Regulations may be made for the purposes of this Act.","sortOrder":104},{"sectionNumber":"84","sectionType":"section","heading":"Transfer of pending proceedings","content":"#### 84 Transfer of pending proceedings\n\n (1) This section applies if, as a result of a declaration made by the Finance Minister under this Act, a person (the successor) becomes the successor in law of another person (the original person) at a particular time in relation to a particular asset, liability, right, benefit or obligation.\n (2) If any proceedings to which the original person was a party:\n (a) were pending in any court or tribunal immediately before that time; and\n (b) related, in whole or in part, to the asset, liability, right, benefit or obligation, as the case may be;\n then, unless the Finance Minister otherwise determines in writing in relation to the proceedings, the successor is, by force of this subsection, substituted for the original person as a party to the proceedings to the extent to which the proceedings relate to the asset, liability, right, benefit or obligation, as the case requires.","sortOrder":105},{"sectionNumber":"85","sectionType":"section","heading":"Operation of this Act does not place a person in breach of contract etc.","content":"#### 85 Operation of this Act does not place a person in breach of contract etc.\n\n To avoid doubt, the operation of this Act is not to be regarded as:\n (a) placing a person in breach of contract or confidence; or\n (b) otherwise making a person guilty of a civil wrong; or\n (c) placing a person in breach of any contractual provision prohibiting, restricting or regulating:\n (i) the assignment or transfer of any asset, liability, right or obligation; or\n (ii) the disclosure of any information; or\n (d) releasing any surety from any of the surety’s obligations in relation to a liability or obligation that is transferred to the Commonwealth or an airport‑lessee company under this Act.","sortOrder":106},{"sectionNumber":"86","sectionType":"section","heading":"Appropriation—grant of airport lease to Commonwealth‑owned company","content":"#### 86 Appropriation—grant of airport lease to Commonwealth‑owned company\n\n (1) The Consolidated Revenue Fund is appropriated for the purposes of the making of either or both of the following payments:\n (a) a payment by the Commonwealth to a Commonwealth‑owned company of an amount by way of a loan to enable the company to pay consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31;\n (b) a payment by the Commonwealth to a Commonwealth‑owned company by way of consideration for the issue to the Commonwealth of shares in the company, where the whole or a part of the proceeds of the issue are to be applied by the company in paying consideration for any or all or the following:\n (i) the grant of an airport lease under section 21;\n (ii) the transfer or lease of assets under section 23 or 24;\n (iii) the transfer of assets under section 30 or 31.\n (2) For the purposes of this section, a Commonwealth‑owned company is a company all of whose shares are beneficially owned by the Commonwealth.","sortOrder":107},{"sectionNumber":"87","sectionType":"section","heading":"This Act does not modify registers kept by land registration officials","content":"#### 87 This Act does not modify registers kept by land registration officials\n\n This Act, in so far as it provides for the interpretation of references in other instruments, does not modify any register kept by a land registration official under a law of a State or Territory.","sortOrder":108},{"sectionNumber":"88","sectionType":"section","heading":"Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant","content":"#### 88 Declarations that are contingent on the grant of an airport lease may be varied or revoked before the grant\n\n (1) This section applies to a declaration under this Act that has effect in the event that a specified company is granted an airport lease for a specified airport on a specified day.\n (2) To avoid doubt, the declaration may be varied or revoked, in accordance with subsection 33(3) of the Acts Interpretation Act 1901, at any time before the specified day.","sortOrder":109},{"sectionNumber":"89","sectionType":"section","heading":"Copies of declarations to be published in the Gazette","content":"#### 89 Copies of declarations to be published in the Gazette\n\n (1) This section applies to a declaration under any of the following provisions:\n (a) section 11;\n (b) section 12;\n (c) section 13;\n (d) section 14;\n (e) section 23;\n (f) section 24;\n (g) section 25;\n (h) section 30;\n (i) section 31;\n (j) section 33;\n (k) section 58.\n (2) Within 21 days after the making of the declaration, a copy of the declaration is to be published in the Gazette.","sortOrder":110},{"sectionNumber":"90","sectionType":"section","heading":"Compensation—constitutional safety‑net","content":"#### 90 Compensation—constitutional safety‑net\n\n (1) If:\n (a) apart from this section, the operation of this Act would result in the acquisition of property from a person otherwise than on just terms; and\n (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution;\n the Commonwealth is liable to pay compensation of a reasonable amount to the person in respect of the acquisition.\n (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n (3) In this section:\n\n> acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.\n\n> just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.","sortOrder":111},{"sectionNumber":"91","sectionType":"section","heading":"Commonwealth records","content":"#### 91 Commonwealth records\n\n (1) This Act does not authorise a Commonwealth record (within the meaning of the Archives Act 1983) to be transferred or otherwise dealt with except in accordance with the provisions of that Act.\n (2) If an airport lease for an airport is granted to a company under section 21 or 22 of this Act, a Commonwealth record (within the meaning of the Archives Act 1983) must not be transferred to the company in connection with the operation of this Act in relation to the airport unless the Australian Archives has given permission for the transfer under paragraph 24(2)(b) of that Act.","sortOrder":112},{"sectionNumber":"92","sectionType":"section","heading":"Act does not authorise the imposition of taxation","content":"#### 92 Act does not authorise the imposition of taxation\n\n This Act does not authorise the imposition of taxation within the meaning of section 55 of the Constitution.","sortOrder":113},{"sectionNumber":"93","sectionType":"section","heading":"Regulations","content":"#### 93 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":114}],"analysis":{"issue_detection":{"absurdities":[{"type":"other","section":"37(2)-(4)","severity":"medium","reasoning":"Section 37(2) requires the Commonwealth to pay the FAC an amount determined by the Finance Minister. Section 37(4) then requires the FAC to pay the Commonwealth 'an amount equal to that amount'. Section 37(5) permits set-off. The entire transaction nets to zero dollars changing hands. The only legal distinction is the characterisation: one payment is 'provision of capital' (s37(3)) and the other is 'return of capital' (s37(6)). This is a purely notional accounting exercise with no real economic substance, raising questions about why legislation mandates it.","confidence":0.82,"description":"Circular money-go-round: Commonwealth pays FAC an amount, then FAC must immediately pay Commonwealth the exact same amount back. The net financial effect is zero, making the entire transaction economically meaningless."},{"type":"other","section":"42(2)-(6)","severity":"medium","reasoning":"Identical structural absurdity to s37. Section 42(2) mandates the Commonwealth pay the FAC a Finance Minister-determined amount; s42(4) mandates the FAC pay the Commonwealth 'an amount equal to that amount'; s42(5) permits set-off. The legislative compulsion to execute a transaction that nets to nothing, while consuming administrative resources and triggering appropriation mechanisms, is logically difficult to justify on its face.","confidence":0.82,"description":"Same circular money-go-round for Part 7: Commonwealth pays FAC an amount, FAC immediately pays identical amount back to Commonwealth. Net result is zero, rendering the mandatory payment obligation economically vacuous."},{"type":"other","section":"76(2)-(5)","severity":"medium","reasoning":"Section 76(2) requires FAC to pay Commonwealth a Finance Minister-determined amount. Section 76(3) then requires Commonwealth to pay FAC 'an amount equal to that amount'. Section 76(4) permits set-off. The pattern is identical to ss37 and 42 — a legislatively mandated obligation to perform a transaction whose net economic effect is nil. The only purpose appears to be accounting reclassification (s76(5) characterises the Commonwealth payment as 'provision of capital').","confidence":0.82,"description":"Another circular payment loop: FAC pays Commonwealth, then Commonwealth must pay FAC the identical amount back. Same zero-net-effect absurdity repeated in the debt management context."},{"type":"other","section":"17","severity":"low","reasoning":"Section 17(2) provides that the Commonwealth's leasehold interest does not merge into the freehold it acquires under Part 2. The explanatory note openly acknowledges this creates the legal fiction that the Commonwealth holds a lease from itself. While this serves a transitional purpose (preserving the leasehold chain for the eventual airport-lessee company), it is logically absurd for an entity to hold a lease of land it owns from itself — a lessee cannot have rights against itself as lessor in any conventional sense.","confidence":0.75,"description":"Commonwealth is treated as simultaneously lessor and lessee of the same land — it leases land to itself. The note explicitly states 'the Commonwealth will be treated as if it had leased the land to itself.'"},{"type":"other","section":"6(2)","severity":"low","reasoning":"Section 6(2) triggers the Finance Minister's obligation to gazette a declaration when, 'in the opinion of the Finance Minister', a particular time 'is or were' the first time a majority of shares were acquired by non-Commonwealth persons. The use of past tense ('were acquired') means the triggering event may have already occurred before the Minister forms their opinion. Section 6(4) then requires the notice to be published 'within 21 days after the time concerned' — but if the Minister only forms the opinion weeks or months after the actual share transfer, the 21-day window may already have expired before the obligation is recognised, making timely compliance potentially impossible.","confidence":0.7,"description":"The Finance Minister must declare a time that 'is or were' the sale time — requiring a declaration about an event using both present and past tense simultaneously, potentially requiring declaration of an event that has already occurred before the obligation to declare arose."},{"type":"other","section":"82(2)","severity":"low","reasoning":"Section 21(2) requires that all shares in the lessee company be beneficially owned by the Commonwealth. Section 82(2) then declares that such a company is not to be taken as a Commonwealth authority, established for a Commonwealth purpose, or an agency/instrumentality of the Crown. This creates a logical tension: the entity is 100% beneficially owned by the Commonwealth yet deemed legally unconnected to the Crown for most purposes. While legislatively permissible, it is a deliberate legal absurdity — a wholly-owned government company that is not, legally speaking, a government entity.","confidence":0.65,"description":"A Commonwealth-owned company (all shares beneficially owned by Commonwealth) is explicitly declared NOT to be a Commonwealth authority, agency or instrumentality — creating a legal entity that is entirely owned by the Crown but legally treated as having no connection to the Crown."},{"type":"other","section":"36(2)-(6)","severity":"low","reasoning":"Section 36(2) allows the Finance Minister to determine the FAC be paid capital. Section 36(4) allows the Finance Minister to then determine the FAC must pay a 'specified amount' back (not exceeding the capital amount) to the Commonwealth. Section 36(5) permits set-off. This pre-disposal version of the circular payment mechanism serves the same notional accounting purpose as ss37 and 42 but with additional discretion — the Finance Minister controls both the payment in and the payment out, making it entirely possible to determine these as equal amounts netting to zero.","confidence":0.68,"description":"Pre-disposal circular payment: Commonwealth pays FAC capital, Finance Minister may then require FAC to immediately pay it back. The net effect is again potentially zero, with only accounting characterisation changing."},{"type":"other","section":"Part 8 onwards","severity":"high","reasoning":"After the heading 'Part 8—Special tax rules', the document reproduces the entire Act from the beginning — long title, Parts 1 through 7, all definitions, all sections — before finally continuing with the actual Part 8 content (ss45 onwards). This appears to be a severe formatting or compilation error creating a duplicated legislative text embedded within the Act itself. While this may be a reproduction artifact rather than a flaw in the original Act, as presented it creates genuine interpretive confusion about which version of any provision governs.","confidence":0.9,"description":"The entire legislative text from Part 8 onwards appears to be a duplicate of the entire Act starting from Part 1, with the Act's long title and all sections repeated verbatim before resuming at Part 8 provisions. This constitutes a structural absurdity in the document."}],"contradictions":[{"severity":"medium","section_a":"21(2)","section_b":"22(2)","confidence":0.85,"description":"Sections 21 and 22 create a binary that admits no middle ground: s21 requires ALL shares to be Commonwealth-owned; s22 requires NONE to be Commonwealth-owned. There is no provision for granting an airport lease to a company where some (but not all, and not none) shares are Commonwealth-owned."},{"severity":"medium","section_a":"6(1)(b)","section_b":"41","confidence":0.72,"description":"Section 6(1)(b) brings within the 'sale time' definition companies granted leases under s22 where a majority of voting shares were previously held by the Commonwealth or its nominee. But Part 7 (s41) applies exclusively to companies granted leases under s22, suggesting such companies are 'not owned by the Commonwealth'. A company that had majority Commonwealth ownership before lease grant could be captured by both the s22 framework (Part 7) AND the sale time mechanism (s6), creating overlapping and potentially conflicting obligations."},{"severity":"low","section_a":"35","section_b":"41","confidence":0.62,"description":"Part 6 (s35) applies to companies granted leases under s21 (Commonwealth-owned); Part 7 (s41) applies to companies granted leases under s22 (non-Commonwealth-owned). However, s6(1)(b) creates a 'sale time' for s22 companies that formerly had majority Commonwealth ownership, meaning such a company could potentially trigger Part 7 obligations AND have a 'sale time' defined — a concept that is only operationally meaningful in the Part 6 context, creating conceptual confusion about which regime governs."},{"severity":"low","section_a":"58(2)","section_b":"58(3)","confidence":0.6,"description":"Section 58(2) provides for employee transfer 'immediately after the grant' of an airport lease under s21 OR s22. Section 58(3) provides an alternative timing mechanism (before the grant, but on the same day) but is limited to s22 leases only, not s21 leases. There is no apparent policy rationale for why pre-grant transfer timing is available for privately-owned company leases but not Commonwealth-owned company leases."},{"severity":"low","section_a":"46(1)","section_b":"48","confidence":0.55,"description":"Section 46 exempts from stamp duty transactions connected with s21 (Commonwealth-owned company) leases. Section 48 expressly permits stamp duty imposition for equivalent transactions connected with s22 (privately-owned company) leases. While deliberately asymmetric, s46's coverage of 'anything done... for a purpose connected with or arising out of' an exempt matter is potentially broad enough to capture some transactions that s48 expressly permits States to tax, creating a boundary ambiguity."},{"severity":"low","section_a":"30(6)","section_b":"23(2)-(5)","confidence":0.58,"description":"Section 30(6) provides that consideration for Part 4 asset transfers (FAC assets directly to airport-lessee company) is payable to the Commonwealth instead of the FAC. However, Part 4 assets vest in the company by Finance Minister declaration, with no mechanism in Part 4 for the company to actually pay consideration to anyone. The redirection of consideration to the Commonwealth in s30(6) presupposes consideration is payable, but the vesting mechanism in s30(2) operates 'without any conveyance, transfer or assignment' — typically without consideration being a precondition."}]},"summary":{"name":"Airports (Transitional) Act 1996","slug":"airports-transitional-act-1996","title_id":"C2004A05062","version_id":39026,"analysis_type":"summary","content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"Complete Act 13 Parts plus 3 Schedules covering the full privatisation transaction mechanics from FAC dissolution through to airport-lessee company operation, including tax, employment, debt and prosecution continuity provisions."},"complexity_factors":["Multi-stage transaction structure requiring sequential ministerial declarations at each stage","Two parallel pathways (Commonwealth-owned vs privately-owned companies) with different tax and financial flow rules","Part 8 embeds complex modifications to ITAA 1936 and ITAA 1997 for depreciating assets, capital works and CGT","Three Schedules for long service leave, superannuation and SRC Act create additional layering","Source document is highly repetitive due to legislative consolidation format"],"plain_english_summary":"The Airports (Transitional) Act 1996 is the Commonwealth statute that set up the legal mechanics for privatising Australian federal airports during the late 1990s. It worked in tandem with the Airports Act 1996 to transfer airports from the Federal Airports Corporation (FAC) to private operators through a structured three-step sequence.\n\nFirst, it empowered the Finance Minister to transfer FAC land, assets, contracts and liabilities to the Commonwealth by written declaration, without any need for formal conveyance or transfer documents (Parts 2 and 4). Second, it authorised the Commonwealth to grant airport leases to companies either Commonwealth-owned companies at the outset (section 21) or direct private companies (section 22) covering core regulated airports and a named list of general aviation airports including Essendon, Jandakot, Bankstown, Camden and others (Part 3). Third, it provided the further transfer mechanics to move assets, contracts, liabilities and staff from the FAC or Commonwealth to those airport-lessee companies.\n\nThe Act also regulated the financial flows between the Commonwealth and the FAC: when shares in a Commonwealth-owned airport company were sold, the Commonwealth was required to pay the FAC a determined amount, with the FAC returning an equivalent amount as return of capital (Parts 6 and 7). Part 8 addressed stamp duty exemptions (for Commonwealth-owned company transactions) and modified the income tax rules under the Income Tax Assessment Acts 1936 and 1997 so that asset transfers did not create unintended tax consequences for the FAC or the airport-lessee companies.\n\nPart 9 and its three Schedules deal comprehensively with transferred employees: their terms and conditions carry over, service is treated as continuous, long service leave, superannuation under the Defence Force Retirement and Death Benefits Act 1973, and workers compensation under the Safety, Rehabilitation and Compensation Act 1988 are all preserved.\n\nParts 10 to 13 complete the machinery: Commonwealth loan call-up and debt takeover powers for FAC borrowings, continuing DPP jurisdiction after privatisation, the key rule that airport-lessee companies are not Commonwealth agencies, and general miscellaneous provisions including just-terms compensation, Gazette notice requirements, and a regulation-making power."},"kimi_summary":{"_metrics":{"completionTokens":773},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":false,"description":"The legislation appears complete and consistent with its original purpose — facilitating the privatisation of Australian airports through lease-based transfers. The repeated sections in the provided text appear to be duplication in the source material rather than substantive expansion of scope. The Act maintains its focused purpose on: (1) FAC-to-Commonwealth transfers, (2) Commonwealth-to-company leases, (3) associated asset/liability/staff transfers, (4) financial arrangements, and (5) tax treatment. No evidence of scope creep beyond the original airport privatisation framework."},"complexity_factors":["13 Parts with multiple Divisions and 93+ sections, plus 3 Schedules referenced but not included","Extensive cross-referencing to other Acts: Airports Act 1996, Federal Airports Corporation Act 1986, Income Tax Assessment Acts 1936 and 1997, Corporations Act 2001, Public Service Act 1922, Fair Work legislation, Archives Act 1983, and more","Multiple defined terms (20+) including technical concepts like 'quasi-ownership right over land', 'depreciating asset', 'sale time'","Conditional declarations by Finance Minister that trigger cascading legal effects — declarations under ss 11-14, 23-25, 30-31, 33, 58","Complex financial mechanisms: set-off provisions, capital payments, return of capital, loan call-ups, borrowing transaction takeovers","Nested exceptions and special rules in tax provisions (Part 8) with multiple conditions for stamp duty exemptions vs liability","Employment transfer provisions with preservation of accrued benefits, continuous service, and interaction with multiple industrial relations instruments","Constitutional safety-net provision (s 90) requiring compensation analysis for any property acquisition"],"plain_english_summary":"**What this legislation does:**\n\nThis Act privatises Australian airports by transferring them from the government-owned **Federal Airports Corporation (FAC)** to private companies through a complex three-step process:\n\n1. **Transfer to Commonwealth**: Airport land, assets, contracts and liabilities move from FAC to the Australian Government\n2. **Lease to companies**: The Government grants long-term airport leases to companies (called \"airport‑lessee companies\") — either Commonwealth-owned or privately-owned\n3. **Asset transfers**: Related assets, staff, contracts and debts are transferred to these new airport operators\n\n**Key features:**\n- Covers major airports including Sydney, Melbourne, Brisbane, Perth, Adelaide, plus regional airports like Mt Isa, Tennant Creek, Archerfield, Essendon, Jandakot, Moorabbin, Parafield, Bankstown, Camden and Hoxton Park\n- Protects employees being transferred — they keep their existing pay and conditions, with continuous service recognised\n- Provides special tax rules to exempt many transactions from stamp duty and modify income tax treatment\n- Includes complex financial arrangements for handling FAC debts and capital when shares are sold\n- Contains a constitutional \"safety net\" — if any property acquisition is unfair, compensation must be paid\n\n**Who it affects:**\n- Airport operators and lessee companies\n- FAC employees being transferred to private employers\n- State/Territory governments (for land registration)\n- Anyone with existing leases or interests in airport land\n\n**Why it matters:**\nThis was the legal machinery for Australia's major airport privatisation program in the 1990s, shifting government-owned airports to private sector management while protecting workers and ensuring smooth transfer of assets and liabilities."}},"importantCases":[],"_links":{"self":"/api/acts/airports-transitional-act-1996","history":"/api/acts/airports-transitional-act-1996/history","analysis":"/api/acts/airports-transitional-act-1996/analysis","conflicts":"/api/acts/airports-transitional-act-1996/conflicts","importantCases":"/api/acts/airports-transitional-act-1996/important-cases","documents":"/api/acts/airports-transitional-act-1996/documents"}}