{"id":"C2004A04609","name":"Snowy Mountains Engineering Corporation Limited Sale Act 1993","slug":"snowy-mountains-engineering-corporation-limited-sale-act-1993","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"54 of 1993","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":38464,"registerId":"commonwealth-C2004A04609-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the Snowy Mountains Engineering Corporation Limited Sale Act 1993.","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  (1) Sections 1, 2, 3, 4 and 38 commence on the day on which this Act receives the Royal Assent.\n  (2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.\n  (3) Section 37 of this Act commences on a day to be fixed by Proclamation.\n  (4) A Proclamation may fix a day that is earlier than the day on which the Proclamation is published in the Gazette but only if the day fixed is the sale day.\n  (5) If a provision of this Act does not commence within the period of 2 years beginning on the day on which this Act receives the Royal Assent, it is taken to have been repealed on the day after the period ends.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Interpretation","content":"#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> DFRDB Act means the Defence Force Retirement and Death Benefits Act 1973.\n\n> employee includes apprentice.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976 as in force immediately before 9 November 1993.\n\n> Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973.\n\n> sale day means the day declared under section 4.\n\n> share, in relation to a body corporate, means a share in the body’s share capital.\n\n> SMEC means the body corporate known before the sale day as the Snowy Mountains Engineering Corporation Limited by whatever name called, and in whatever form that body corporate takes, from time to time.\n\n> SMEC body means SMEC or a SMEC subsidiary.\n\n> SMEC subsidiary means a body corporate that is a subsidiary of SMEC.\n\n> SRC Act means the Safety Rehabilitation and Compensation Act 1988.\n\n> Supervisory Mechanisms Act means the Superannuation Benefits (Supervisory Mechanisms) Act 1990.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n  (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"The sale day","content":"#### 4 The sale day\n\n  (1) The Finance Minister must, by notice in the Gazette, declare the day described in subsection (2) to be the sale day.\n  (2) The day to be specified in the notice is the day that, in the opinion of the Finance Minister, is the first day after the commencement of this Part on which a majority of the voting shares in SMEC are acquired by a person, or persons, other than the Commonwealth or a nominee of the Commonwealth.\n  (3) The notice must be published within 14 days after the specified day.","sortOrder":4},{"sectionNumber":"Part 4","sectionType":"part","heading":"Transitional and saving provisions","content":"An Act relating to the sale of the Snowy Mountains Engineering Corporation Limited, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Snowy Mountains Engineering Corporation Limited Sale Act 1993.\n\n#### 2 Commencement\n\n  (1) Sections 1, 2, 3, 4 and 38 commence on the day on which this Act receives the Royal Assent.\n  (2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.\n  (3) Section 37 of this Act commences on a day to be fixed by Proclamation.\n  (4) A Proclamation may fix a day that is earlier than the day on which the Proclamation is published in the Gazette but only if the day fixed is the sale day.\n  (5) If a provision of this Act does not commence within the period of 2 years beginning on the day on which this Act receives the Royal Assent, it is taken to have been repealed on the day after the period ends.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> DFRDB Act means the Defence Force Retirement and Death Benefits Act 1973.\n\n> employee includes apprentice.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976 as in force immediately before 9 November 1993.\n\n> Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973.\n\n> sale day means the day declared under section 4.\n\n> share, in relation to a body corporate, means a share in the body’s share capital.\n\n> SMEC means the body corporate known before the sale day as the Snowy Mountains Engineering Corporation Limited by whatever name called, and in whatever form that body corporate takes, from time to time.\n\n> SMEC body means SMEC or a SMEC subsidiary.\n\n> SMEC subsidiary means a body corporate that is a subsidiary of SMEC.\n\n> SRC Act means the Safety Rehabilitation and Compensation Act 1988.\n\n> Supervisory Mechanisms Act means the Superannuation Benefits (Supervisory Mechanisms) Act 1990.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n  (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.\n\n#### 4 The sale day\n\n  (1) The Finance Minister must, by notice in the Gazette, declare the day described in subsection (2) to be the sale day.\n  (2) The day to be specified in the notice is the day that, in the opinion of the Finance Minister, is the first day after the commencement of this Part on which a majority of the voting shares in SMEC are acquired by a person, or persons, other than the Commonwealth or a nominee of the Commonwealth.\n  (3) The notice must be published within 14 days after the specified day.\n\n## Part 4—Transitional and saving provisions\n\n### Division 1—Transitional and saving provisions in relation to long service leave\n\n#### 9 Interpretation\n\n  (1) Unless the contrary intention appears, expressions used in this Division that are also used in the Long Service Leave Act have the same respective meanings as in that Act.\n  (2) In this Division:\n\n> combined service period, in relation to an employee, means the total of:\n\n    (a) the period that is, immediately before the sale day, the employee’s period of service for the purposes of the Long Service Leave Act; and\n    (b) the period starting on the sale day during which the employee continues to be an employee of SMEC.\n\n> employee includes a person employed in a full‑time or a part‑time capacity.\n\n> law means:\n\n    (a) a law of the Commonwealth or of a State or Territory; or\n    (b) regulations or any other instrument (other than an award, determination or industrial agreement) made under such a law.\n\n> post‑sale long service leave rights, in relation to an employee, means any long service leave rights an employee acquires under an award, determination, industrial agreement or law (other than this Act) on or after the sale day.\n\n#### 10 Long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC may grant long service leave to an employee whose period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) If, from and after the sale day, the employee continues to be employed by SMEC until his or her combined service period is at least 10 years, SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (5) If:\n    (a) the employee is to stop being an employee of SMEC on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) the employee’s combined service period at the time when he or she is to stop being an employee of SMEC is at least one year;\n  SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (6) If a period of long service leave may be granted to an employee under subsection (4) or (5), SMEC may, if the employee asks in writing, grant the employee long service leave on half salary for a period not exceeding twice that first‑mentioned period.\n  (7) Long service leave granted in the circumstances set out in subsection (5) is to be taken so as to end immediately before the employee stops being an employee.\n  (8) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 20 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “section 16 or 17” in that section there were substituted the expression “section 10 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 11 Payments in lieu of long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC must pay an amount in respect of long service leave to an employee who has not used all of his or her long service leave credit by taking long service leave under section 10.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) Subject to subsection (7), if the employee stops being an employee of SMEC on or after the day on which his or her combined service period reaches 10 years, SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (5) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC, on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) at that time, the employee’s combined service period is at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (6) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC; and\n    (b) SMEC is satisfied that the employee left SMEC because of ill health that justified his or her so leaving; and\n    (c) when the employee left, his or her combined service period was at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (7) An employee may, by written notice given to SMEC before the employee stops being an employee of SMEC:\n    (a) ask SMEC not to make a payment to the employee under this section; or\n    (b) ask SMEC to make a payment under subsection (4), (5) or (6) of a specified amount that is less than the amount that would otherwise be payable under that subsection.\n  (8) SMEC must comply with a request made under subsection (7).\n  (9) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 21 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “sections 16 and 17” in that section there were substituted the expression “section 11 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 12 Payments on the death of an employee\n\n  (1) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) If:\n    (a) on or after the sale day, the employee dies; and\n    (b) immediately before his or her death, the employee was an employee of SMEC; and\n    (c) immediately before his or her death, the employee’s combined service period was at least one year; and\n    (d) immediately before his or her death, the employee had one or more dependants;\n  SMEC must make a payment to a dependant or to 2 or more dependants of the employee.\n  (3) The total amount of the payment or payments is the amount that would have been payable to the employee under section 11 if, on the day of his or her death, the employee had instead stopped being an employee of SMEC on or after reaching the minimum retiring age.\n  (4) If subsection (2) applies, section 23 of the Long Service Leave Act has effect as if:\n    (a) that section applied to an employee of SMEC; and\n    (b) a reference in that section to the approving authority were a reference to SMEC; and\n    (c) the section were further modified as set out in the following table:\n\nTABLE\n\n| Provision                 | Omit this expression      | Insert this expression                                                          |\n| ------------------------- | ------------------------- | ------------------------------------------------------------------------------- |\n| section 23                | this Act                  | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n| subsections 23(2) and (3) | subsection 16(7) or 17(5) | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n\n#### 13 Employee’s long service leave credit for the purposes of sections 10 and 11\n\n  (1) For the purposes of section 10, an employee’s long service leave credit is equal to the long service leave credit that the employee would have had under the Long Service Leave Act for the period:\n    (a) starting when the employee started his or her period of service; and\n    (b) ending on the sale day;\n  if the employee had been retrenched on the sale day.\n  (2) For the purposes of section 11, an employee’s long service leave credit is the employee’s long service leave credit worked out under subsection (1), reduced by any long service leave credits used under section 10.\n\n#### 14 Division not to affect an employee’s post‑sale long service leave rights\n\n  To avoid doubt, it is declared that this Division does not affect an employee’s post‑sale long service leave rights.\n\n#### 15 Saving—Long Service Leave Act\n\n  If, immediately before the sale day, the period of service under the Long Service Leave Act of an employee of SMEC was at least 10 years, then:\n    (a) despite the amendment of the Long Service Leave (Commonwealth Employees) Regulations by this Act, the employee’s accrued rights under that Act continue; and\n    (b) that Act has effect after the sale day as if SMEC were the approving authority in relation to the employee for the purposes of that Act.\n\n### Division 2—Transitional and saving provisions relating to the Safety Rehabilitation and Compensation Act 1988\n\n#### 16 Interpretation\n\n  Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.\n\n#### 17 Continued application of SRC Act\n\n  If SMEC stops being a Commonwealth authority for the purposes of the SRC Act, the SRC Act continues to apply in relation to SMEC to the extent, and in the manner, set out in this Division.\n\n#### 18 Transitional provisions relating to the SRC Act that relate to SMEC employees and former SMEC employees\n\n  (1) The SRC Act continues to apply on and after the sale day in relation to:\n    (a) injuries suffered by employees of SMEC before the sale day; and\n    (b) loss of, or damage to, property incurred by employees of SMEC before the sale day;\n  including employees who had stopped being employees of SMEC before the sale day.\n  (2) For the purposes of subsection (1), the SRC Act continues to apply as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) the chief executive officer of SMEC (however described) continues to be the principal officer of a Commonwealth authority.\n\n#### 19 Transitional provisions relating to Division 4A of Part VII of the SRC Act\n\n  (1) On and after the sale day, Division 4A of Part VII of the SRC Act applies to SMEC as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) SMEC is not required to pay a premium under that Division in respect of that part of a financial year which occurs after the sale day; and\n    (c) the following word and paragraph were added at the end of subsection 96H(1):\n    “; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.\n  (2) If, 60 days after the sale day, an amount of premium payable by SMEC to Comcare in respect of a period before the sale day remains unpaid, the amount is a debt due to the Commonwealth and payable to Comcare.\n\n#### 20 Transitional provision relating to section 128A of the SRC Act\n\n  On and after the sale day, section 128A of the SRC Act continues to apply to SMEC as if SMEC continues to be a prescribed Commonwealth authority for the purposes of that section.\n\n#### 21 Notification of amount of salary etc. paid to employees of SMEC\n\n  The chief executive officer (however described) of SMEC must notify the Commission, within 28 days after the sale day, of the amount of salary, wages or pay paid to employees of SMEC in the period starting on 1 July in the financial year in which the sale day occurs and ending on the day before the sale day.\n\n#### 22 Amendment of declarations under the SRC Act\n\n  (1) A notice published in the Gazette before the sale day that declares SMEC to be a body corporate to which the SRC Act applies for the purposes of paragraph (c) of the definition of Commonwealth authority in subsection 4(1) of the SRC Act has effect from and including the sale day as if it did not contain a reference to SMEC.\n  (2) Subsection (1) does not prevent the declaration, as affected by that subsection, being amended or revoked by the Minister.\n\n### Division 3—Transitional and saving provisions in relation to superannuation and other retirement benefits\n\n#### 23 Saving—deferred benefits under the Superannuation Act 1922\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 119W of the Superannuation Act 1922.\n  (2) For the purposes of Division 3 of Part XA of the Superannuation Act 1922, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part XA of the Superannuation Act 1922.\n\n#### 24 Saving—deferred benefits under the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 139 of the Superannuation Act 1976.\n  (2) For the purposes of Division 3 of Part IX of the Superannuation Act 1976, an employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the Superannuation Act 1976.\n\n#### 25 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 26 Saving—deferred benefits under the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 78 of the DFRDB Act.\n  (2) For the purposes of Division 3 of Part IX of the DFRDB Act, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the DFRDB Act.\n\n#### 27 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 28 Application—Superannuation Act 1922\n\n  On and after the sale day, section 145 of the Superannuation Act 1922 does not apply in relation to SMEC.\n\n#### 29 Application—Superannuation Act 1976\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1976.\n\n#### 30 Application—Superannuation Act 1990\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1990.\n\n### Division 4—Other transitional and saving provisions\n\n#### 31 Transitional maternity leave provisions relating to employees of SMEC who are not on maternity leave immediately before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) within 12 months after the sale day, the person would have been entitled to begin leave granted under the Maternity Leave Act if SMEC had continued to be a prescribed authority for the purposes of that Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which she would have been entitled to leave as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 32 Transitional maternity leave provisions relating to employees of SMEC who are on maternity leave on or before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) on the sale day, the person is on leave granted under the Maternity Leave Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which the leave was granted as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 33 Saving—Crimes (Superannuation Benefits) Act 1989\n\n  (1) Subject to subsection (2), if a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee, then, on and after the sale day, the Crimes (Superannuation Benefits) Act 1989 continues to apply in relation to the person in respect of the offence as if SMEC continued to be a Commonwealth authority.\n  (2) A superannuation order may not be made under the Crimes (Superannuation Benefits) Act 1989 in relation to employer contributions or benefits paid or payable to a superannuation scheme by SMEC after the sale day.\n  (3) A superannuation scheme in relation to which employer contributions or benefits are paid or payable by SMEC is not a superannuation scheme for the purposes of the Crimes (Superannuation Benefits) Act 1989 in respect of a corruption offence committed by a person after the sale day.\n  (4) Despite paragraph 19(3)(d) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount paid to the Commonwealth before the sale day by or on behalf of SMEC, belongs to the Commonwealth.\n  (5) If:\n    (a) a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee; and\n    (b) the person was paid benefits before, on or after the sale day out of the Consolidated Revenue Fund;\n  then, despite paragraph 19(4)(b) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount equal to the total benefits paid out of the Consolidated Revenue Fund be paid to the Commonwealth.\n  (6) Unless the contrary intention appears, expressions used in this section that are also used in the Crimes (Superannuation Benefits) Act 1989 have the same respective meanings as in that Act.\n\n#### 34 Saving—DPP Act\n\n  (1) Despite the DPP Act ceasing to apply to certain acts, omissions or proceedings in connection with SMEC because SMEC stops being an authority of the Commonwealth for the purposes of that Act, that Act continues to apply in relation to:\n    (a) acts or omissions that occurred before the sale day; and\n    (b) the taking of civil remedies connected with or arising out of a prosecution that relates to acts or omissions referred to in paragraph (a).\n  (2) In this section:\n\n> DPP Act means the Director of Public Prosecutions Act 1983.\n\n#### 35 Saving—Judiciary Act 1903\n\n  (1) Despite section 36 of this Act, section 55E of the Judiciary Act 1903 continues to apply in relation to:\n    (a) any proceedings to which SMEC is a party that were started before the sale day; and\n    (b) any matter that an authorised person, by signed writing, certifies is a matter in relation to which SMEC gave written instructions before the sale day to the Australian Government Solicitor;\n  as if SMEC were a body established under an Act.\n  (2) A document purporting to be a certificate under subsection (1) is, unless the contrary is established, to be taken to be such a certificate.\n  (3) In this section:\n\n> authorised person means:\n\n    (a) the Secretary of the Attorney‑General’s Department; or\n    (b) an SES employee, or acting SES employee, in that Department.\n\n## Part 5—Other provisions relating to the sale of SMEC\n\n#### 36 SMEC not to be established by or under an Act or established by the Commonwealth\n\n  (1) On and after the sale day, SMEC is not taken for the purposes of a law to be:\n    (a) established by or under an Act; or\n    (b) established by the Commonwealth;\n  unless a law expressly provides otherwise.\n  (3) In subsection (1):\n\n> law means:\n\n    (a) an Act of the Commonwealth or of a State or Territory; and\n    (b) regulations or other instrument made under such an Act.\n\n#### 37 Removal of SMEC’s tax losses\n\n  (1) A loss incurred by SMEC in a year of income ending before the year of income in which the sale day occurs is not allowable as a deduction in a year of income ending on or after the sale day.\n  (2) Subsection (1) has effect despite anything in the Income Tax Assessment Act 1936 and, in particular, former sections 79E, 79EA, 79EB, 79F, 80, 80AAA and 80AA of that Act.\n  (3) Unless the contrary intention appears, expressions used in subsection (1) that are also used in the Income Tax Assessment Act 1936 have the same respective meanings as in that Act.\n  (4) SMEC cannot deduct in the 1997‑98 income year or a later income year a tax loss incurred in an income year ending before the income year in which the sale day occurs.\n  (5) This section has effect despite anything and, in particular, Division 36 and Subdivision 195‑A of the Income Tax Assessment Act 1997.\n  (6) Unless the contrary intention appears, an expression has the same meaning in subsection (4) as in the Income Tax Assessment Act 1997.\n\n#### 38 Exemption from State and Territory taxes and fees\n\n  (1) No tax is payable under a law of a State or a 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  (2) An authorised person may, in writing, certify that:\n    (a) a specified matter or thing is an exempt matter; or\n    (b) a specified thing was 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, a specified exempt matter.\n  (3) A certificate under subsection (2) is, in all courts and for all purposes, evidence of the matter stated in the certificate.\n  (4) In this section:\n\n> authorised person means:\n\n    (a) the Finance Minister; or\n    (b) the Secretary of the Finance Department; or\n    (c) an SES employee, or acting SES employee, in that Department, authorised by the Secretary, in writing, for the purposes of this section.\n\n> exempt matter means:\n\n    (a) the issue or allotment of shares by SMEC to the Commonwealth or another person on or before the sale day; or\n    (b) an agreement between the Commonwealth and another person relating to the sale, issue or allotment of shares in SMEC; or\n    (c) the transfer of shares in SMEC by the Commonwealth or a nominee of the Commonwealth to another person; or\n    (d) the receipt of money (whether before, on or after the sale day) by the Commonwealth, SMEC or another person acting on behalf of the Commonwealth or SMEC from persons who are, on or before the sale day, buying or subscribing for shares in SMEC; or\n    (e) the operation of this Act.\n\n> tax means:\n\n    (a) stamp duty or any other tax; and\n    (b) a fee (other than a fee payable under the Corporations Act 2001);\n  but does not include a tax or fee (other than a fee payable under the Corporations Act 2001) specified in a notice signed by the Finance Minister and published in the Gazette.\n\n#### 39 Regulations connected with the sale of SMEC\n\n  (1) Subsection 48(2) of the Acts Interpretation Act 1901 does not apply to regulations made under any Act that:\n    (a) are connected with the sale of SMEC; and\n    (b) include a declaration that the Governor‑General is satisfied that they are connected with the sale of SMEC; and\n    (c) are expressed to take effect on the sale day.\n  (2) Regulations covered by subsection (1) take effect on the sale day.\n\n#### 40 Cessation of mobility rights\n\n  (1) If Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then that Division stops applying to the employee on the sale day.\n  (2) If Division 4 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then:\n    (a) the Officers’ Rights Declaration Act 1928; and\n    (b) Division 4 of Part IV of the Public Service Act 1922;\n  stop applying to the employee on the sale day.\n\n#### 43 A SMEC body not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990\n\n  (1) A notice published in the Gazette before the sale day that declares a SMEC body to be an eligible body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (2) A notice published in the Gazette before the sale day that declares a SMEC body to be a relevant body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (3) Neither subsection (1) nor (2) prevents the declaration as affected by that subsection being amended or revoked by the Minister.\n  (4) In subsection (3):\n\n> Minister has the same meaning as in the Supervisory Mechanisms Act.","sortOrder":5},{"sectionNumber":"Division 1","sectionType":"division","heading":"Transitional and saving provisions in relation to long service leave","content":"An Act relating to the sale of the Snowy Mountains Engineering Corporation Limited, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Snowy Mountains Engineering Corporation Limited Sale Act 1993.\n\n#### 2 Commencement\n\n  (1) Sections 1, 2, 3, 4 and 38 commence on the day on which this Act receives the Royal Assent.\n  (2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.\n  (3) Section 37 of this Act commences on a day to be fixed by Proclamation.\n  (4) A Proclamation may fix a day that is earlier than the day on which the Proclamation is published in the Gazette but only if the day fixed is the sale day.\n  (5) If a provision of this Act does not commence within the period of 2 years beginning on the day on which this Act receives the Royal Assent, it is taken to have been repealed on the day after the period ends.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> DFRDB Act means the Defence Force Retirement and Death Benefits Act 1973.\n\n> employee includes apprentice.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976 as in force immediately before 9 November 1993.\n\n> Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973.\n\n> sale day means the day declared under section 4.\n\n> share, in relation to a body corporate, means a share in the body’s share capital.\n\n> SMEC means the body corporate known before the sale day as the Snowy Mountains Engineering Corporation Limited by whatever name called, and in whatever form that body corporate takes, from time to time.\n\n> SMEC body means SMEC or a SMEC subsidiary.\n\n> SMEC subsidiary means a body corporate that is a subsidiary of SMEC.\n\n> SRC Act means the Safety Rehabilitation and Compensation Act 1988.\n\n> Supervisory Mechanisms Act means the Superannuation Benefits (Supervisory Mechanisms) Act 1990.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n  (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.\n\n#### 4 The sale day\n\n  (1) The Finance Minister must, by notice in the Gazette, declare the day described in subsection (2) to be the sale day.\n  (2) The day to be specified in the notice is the day that, in the opinion of the Finance Minister, is the first day after the commencement of this Part on which a majority of the voting shares in SMEC are acquired by a person, or persons, other than the Commonwealth or a nominee of the Commonwealth.\n  (3) The notice must be published within 14 days after the specified day.\n\n## Part 4—Transitional and saving provisions\n\n### Division 1—Transitional and saving provisions in relation to long service leave\n\n#### 9 Interpretation\n\n  (1) Unless the contrary intention appears, expressions used in this Division that are also used in the Long Service Leave Act have the same respective meanings as in that Act.\n  (2) In this Division:\n\n> combined service period, in relation to an employee, means the total of:\n\n    (a) the period that is, immediately before the sale day, the employee’s period of service for the purposes of the Long Service Leave Act; and\n    (b) the period starting on the sale day during which the employee continues to be an employee of SMEC.\n\n> employee includes a person employed in a full‑time or a part‑time capacity.\n\n> law means:\n\n    (a) a law of the Commonwealth or of a State or Territory; or\n    (b) regulations or any other instrument (other than an award, determination or industrial agreement) made under such a law.\n\n> post‑sale long service leave rights, in relation to an employee, means any long service leave rights an employee acquires under an award, determination, industrial agreement or law (other than this Act) on or after the sale day.\n\n#### 10 Long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC may grant long service leave to an employee whose period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) If, from and after the sale day, the employee continues to be employed by SMEC until his or her combined service period is at least 10 years, SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (5) If:\n    (a) the employee is to stop being an employee of SMEC on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) the employee’s combined service period at the time when he or she is to stop being an employee of SMEC is at least one year;\n  SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (6) If a period of long service leave may be granted to an employee under subsection (4) or (5), SMEC may, if the employee asks in writing, grant the employee long service leave on half salary for a period not exceeding twice that first‑mentioned period.\n  (7) Long service leave granted in the circumstances set out in subsection (5) is to be taken so as to end immediately before the employee stops being an employee.\n  (8) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 20 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “section 16 or 17” in that section there were substituted the expression “section 10 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 11 Payments in lieu of long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC must pay an amount in respect of long service leave to an employee who has not used all of his or her long service leave credit by taking long service leave under section 10.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) Subject to subsection (7), if the employee stops being an employee of SMEC on or after the day on which his or her combined service period reaches 10 years, SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (5) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC, on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) at that time, the employee’s combined service period is at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (6) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC; and\n    (b) SMEC is satisfied that the employee left SMEC because of ill health that justified his or her so leaving; and\n    (c) when the employee left, his or her combined service period was at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (7) An employee may, by written notice given to SMEC before the employee stops being an employee of SMEC:\n    (a) ask SMEC not to make a payment to the employee under this section; or\n    (b) ask SMEC to make a payment under subsection (4), (5) or (6) of a specified amount that is less than the amount that would otherwise be payable under that subsection.\n  (8) SMEC must comply with a request made under subsection (7).\n  (9) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 21 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “sections 16 and 17” in that section there were substituted the expression “section 11 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 12 Payments on the death of an employee\n\n  (1) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) If:\n    (a) on or after the sale day, the employee dies; and\n    (b) immediately before his or her death, the employee was an employee of SMEC; and\n    (c) immediately before his or her death, the employee’s combined service period was at least one year; and\n    (d) immediately before his or her death, the employee had one or more dependants;\n  SMEC must make a payment to a dependant or to 2 or more dependants of the employee.\n  (3) The total amount of the payment or payments is the amount that would have been payable to the employee under section 11 if, on the day of his or her death, the employee had instead stopped being an employee of SMEC on or after reaching the minimum retiring age.\n  (4) If subsection (2) applies, section 23 of the Long Service Leave Act has effect as if:\n    (a) that section applied to an employee of SMEC; and\n    (b) a reference in that section to the approving authority were a reference to SMEC; and\n    (c) the section were further modified as set out in the following table:\n\nTABLE\n\n| Provision                 | Omit this expression      | Insert this expression                                                          |\n| ------------------------- | ------------------------- | ------------------------------------------------------------------------------- |\n| section 23                | this Act                  | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n| subsections 23(2) and (3) | subsection 16(7) or 17(5) | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n\n#### 13 Employee’s long service leave credit for the purposes of sections 10 and 11\n\n  (1) For the purposes of section 10, an employee’s long service leave credit is equal to the long service leave credit that the employee would have had under the Long Service Leave Act for the period:\n    (a) starting when the employee started his or her period of service; and\n    (b) ending on the sale day;\n  if the employee had been retrenched on the sale day.\n  (2) For the purposes of section 11, an employee’s long service leave credit is the employee’s long service leave credit worked out under subsection (1), reduced by any long service leave credits used under section 10.\n\n#### 14 Division not to affect an employee’s post‑sale long service leave rights\n\n  To avoid doubt, it is declared that this Division does not affect an employee’s post‑sale long service leave rights.\n\n#### 15 Saving—Long Service Leave Act\n\n  If, immediately before the sale day, the period of service under the Long Service Leave Act of an employee of SMEC was at least 10 years, then:\n    (a) despite the amendment of the Long Service Leave (Commonwealth Employees) Regulations by this Act, the employee’s accrued rights under that Act continue; and\n    (b) that Act has effect after the sale day as if SMEC were the approving authority in relation to the employee for the purposes of that Act.\n\n### Division 2—Transitional and saving provisions relating to the Safety Rehabilitation and Compensation Act 1988\n\n#### 16 Interpretation\n\n  Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.\n\n#### 17 Continued application of SRC Act\n\n  If SMEC stops being a Commonwealth authority for the purposes of the SRC Act, the SRC Act continues to apply in relation to SMEC to the extent, and in the manner, set out in this Division.\n\n#### 18 Transitional provisions relating to the SRC Act that relate to SMEC employees and former SMEC employees\n\n  (1) The SRC Act continues to apply on and after the sale day in relation to:\n    (a) injuries suffered by employees of SMEC before the sale day; and\n    (b) loss of, or damage to, property incurred by employees of SMEC before the sale day;\n  including employees who had stopped being employees of SMEC before the sale day.\n  (2) For the purposes of subsection (1), the SRC Act continues to apply as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) the chief executive officer of SMEC (however described) continues to be the principal officer of a Commonwealth authority.\n\n#### 19 Transitional provisions relating to Division 4A of Part VII of the SRC Act\n\n  (1) On and after the sale day, Division 4A of Part VII of the SRC Act applies to SMEC as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) SMEC is not required to pay a premium under that Division in respect of that part of a financial year which occurs after the sale day; and\n    (c) the following word and paragraph were added at the end of subsection 96H(1):\n    “; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.\n  (2) If, 60 days after the sale day, an amount of premium payable by SMEC to Comcare in respect of a period before the sale day remains unpaid, the amount is a debt due to the Commonwealth and payable to Comcare.\n\n#### 20 Transitional provision relating to section 128A of the SRC Act\n\n  On and after the sale day, section 128A of the SRC Act continues to apply to SMEC as if SMEC continues to be a prescribed Commonwealth authority for the purposes of that section.\n\n#### 21 Notification of amount of salary etc. paid to employees of SMEC\n\n  The chief executive officer (however described) of SMEC must notify the Commission, within 28 days after the sale day, of the amount of salary, wages or pay paid to employees of SMEC in the period starting on 1 July in the financial year in which the sale day occurs and ending on the day before the sale day.\n\n#### 22 Amendment of declarations under the SRC Act\n\n  (1) A notice published in the Gazette before the sale day that declares SMEC to be a body corporate to which the SRC Act applies for the purposes of paragraph (c) of the definition of Commonwealth authority in subsection 4(1) of the SRC Act has effect from and including the sale day as if it did not contain a reference to SMEC.\n  (2) Subsection (1) does not prevent the declaration, as affected by that subsection, being amended or revoked by the Minister.\n\n### Division 3—Transitional and saving provisions in relation to superannuation and other retirement benefits\n\n#### 23 Saving—deferred benefits under the Superannuation Act 1922\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 119W of the Superannuation Act 1922.\n  (2) For the purposes of Division 3 of Part XA of the Superannuation Act 1922, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part XA of the Superannuation Act 1922.\n\n#### 24 Saving—deferred benefits under the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 139 of the Superannuation Act 1976.\n  (2) For the purposes of Division 3 of Part IX of the Superannuation Act 1976, an employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the Superannuation Act 1976.\n\n#### 25 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 26 Saving—deferred benefits under the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 78 of the DFRDB Act.\n  (2) For the purposes of Division 3 of Part IX of the DFRDB Act, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the DFRDB Act.\n\n#### 27 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 28 Application—Superannuation Act 1922\n\n  On and after the sale day, section 145 of the Superannuation Act 1922 does not apply in relation to SMEC.\n\n#### 29 Application—Superannuation Act 1976\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1976.\n\n#### 30 Application—Superannuation Act 1990\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1990.\n\n### Division 4—Other transitional and saving provisions\n\n#### 31 Transitional maternity leave provisions relating to employees of SMEC who are not on maternity leave immediately before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) within 12 months after the sale day, the person would have been entitled to begin leave granted under the Maternity Leave Act if SMEC had continued to be a prescribed authority for the purposes of that Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which she would have been entitled to leave as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 32 Transitional maternity leave provisions relating to employees of SMEC who are on maternity leave on or before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) on the sale day, the person is on leave granted under the Maternity Leave Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which the leave was granted as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 33 Saving—Crimes (Superannuation Benefits) Act 1989\n\n  (1) Subject to subsection (2), if a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee, then, on and after the sale day, the Crimes (Superannuation Benefits) Act 1989 continues to apply in relation to the person in respect of the offence as if SMEC continued to be a Commonwealth authority.\n  (2) A superannuation order may not be made under the Crimes (Superannuation Benefits) Act 1989 in relation to employer contributions or benefits paid or payable to a superannuation scheme by SMEC after the sale day.\n  (3) A superannuation scheme in relation to which employer contributions or benefits are paid or payable by SMEC is not a superannuation scheme for the purposes of the Crimes (Superannuation Benefits) Act 1989 in respect of a corruption offence committed by a person after the sale day.\n  (4) Despite paragraph 19(3)(d) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount paid to the Commonwealth before the sale day by or on behalf of SMEC, belongs to the Commonwealth.\n  (5) If:\n    (a) a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee; and\n    (b) the person was paid benefits before, on or after the sale day out of the Consolidated Revenue Fund;\n  then, despite paragraph 19(4)(b) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount equal to the total benefits paid out of the Consolidated Revenue Fund be paid to the Commonwealth.\n  (6) Unless the contrary intention appears, expressions used in this section that are also used in the Crimes (Superannuation Benefits) Act 1989 have the same respective meanings as in that Act.\n\n#### 34 Saving—DPP Act\n\n  (1) Despite the DPP Act ceasing to apply to certain acts, omissions or proceedings in connection with SMEC because SMEC stops being an authority of the Commonwealth for the purposes of that Act, that Act continues to apply in relation to:\n    (a) acts or omissions that occurred before the sale day; and\n    (b) the taking of civil remedies connected with or arising out of a prosecution that relates to acts or omissions referred to in paragraph (a).\n  (2) In this section:\n\n> DPP Act means the Director of Public Prosecutions Act 1983.\n\n#### 35 Saving—Judiciary Act 1903\n\n  (1) Despite section 36 of this Act, section 55E of the Judiciary Act 1903 continues to apply in relation to:\n    (a) any proceedings to which SMEC is a party that were started before the sale day; and\n    (b) any matter that an authorised person, by signed writing, certifies is a matter in relation to which SMEC gave written instructions before the sale day to the Australian Government Solicitor;\n  as if SMEC were a body established under an Act.\n  (2) A document purporting to be a certificate under subsection (1) is, unless the contrary is established, to be taken to be such a certificate.\n  (3) In this section:\n\n> authorised person means:\n\n    (a) the Secretary of the Attorney‑General’s Department; or\n    (b) an SES employee, or acting SES employee, in that Department.\n\n## Part 5—Other provisions relating to the sale of SMEC\n\n#### 36 SMEC not to be established by or under an Act or established by the Commonwealth\n\n  (1) On and after the sale day, SMEC is not taken for the purposes of a law to be:\n    (a) established by or under an Act; or\n    (b) established by the Commonwealth;\n  unless a law expressly provides otherwise.\n  (3) In subsection (1):\n\n> law means:\n\n    (a) an Act of the Commonwealth or of a State or Territory; and\n    (b) regulations or other instrument made under such an Act.\n\n#### 37 Removal of SMEC’s tax losses\n\n  (1) A loss incurred by SMEC in a year of income ending before the year of income in which the sale day occurs is not allowable as a deduction in a year of income ending on or after the sale day.\n  (2) Subsection (1) has effect despite anything in the Income Tax Assessment Act 1936 and, in particular, former sections 79E, 79EA, 79EB, 79F, 80, 80AAA and 80AA of that Act.\n  (3) Unless the contrary intention appears, expressions used in subsection (1) that are also used in the Income Tax Assessment Act 1936 have the same respective meanings as in that Act.\n  (4) SMEC cannot deduct in the 1997‑98 income year or a later income year a tax loss incurred in an income year ending before the income year in which the sale day occurs.\n  (5) This section has effect despite anything and, in particular, Division 36 and Subdivision 195‑A of the Income Tax Assessment Act 1997.\n  (6) Unless the contrary intention appears, an expression has the same meaning in subsection (4) as in the Income Tax Assessment Act 1997.\n\n#### 38 Exemption from State and Territory taxes and fees\n\n  (1) No tax is payable under a law of a State or a 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  (2) An authorised person may, in writing, certify that:\n    (a) a specified matter or thing is an exempt matter; or\n    (b) a specified thing was 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, a specified exempt matter.\n  (3) A certificate under subsection (2) is, in all courts and for all purposes, evidence of the matter stated in the certificate.\n  (4) In this section:\n\n> authorised person means:\n\n    (a) the Finance Minister; or\n    (b) the Secretary of the Finance Department; or\n    (c) an SES employee, or acting SES employee, in that Department, authorised by the Secretary, in writing, for the purposes of this section.\n\n> exempt matter means:\n\n    (a) the issue or allotment of shares by SMEC to the Commonwealth or another person on or before the sale day; or\n    (b) an agreement between the Commonwealth and another person relating to the sale, issue or allotment of shares in SMEC; or\n    (c) the transfer of shares in SMEC by the Commonwealth or a nominee of the Commonwealth to another person; or\n    (d) the receipt of money (whether before, on or after the sale day) by the Commonwealth, SMEC or another person acting on behalf of the Commonwealth or SMEC from persons who are, on or before the sale day, buying or subscribing for shares in SMEC; or\n    (e) the operation of this Act.\n\n> tax means:\n\n    (a) stamp duty or any other tax; and\n    (b) a fee (other than a fee payable under the Corporations Act 2001);\n  but does not include a tax or fee (other than a fee payable under the Corporations Act 2001) specified in a notice signed by the Finance Minister and published in the Gazette.\n\n#### 39 Regulations connected with the sale of SMEC\n\n  (1) Subsection 48(2) of the Acts Interpretation Act 1901 does not apply to regulations made under any Act that:\n    (a) are connected with the sale of SMEC; and\n    (b) include a declaration that the Governor‑General is satisfied that they are connected with the sale of SMEC; and\n    (c) are expressed to take effect on the sale day.\n  (2) Regulations covered by subsection (1) take effect on the sale day.\n\n#### 40 Cessation of mobility rights\n\n  (1) If Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then that Division stops applying to the employee on the sale day.\n  (2) If Division 4 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then:\n    (a) the Officers’ Rights Declaration Act 1928; and\n    (b) Division 4 of Part IV of the Public Service Act 1922;\n  stop applying to the employee on the sale day.\n\n#### 43 A SMEC body not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990\n\n  (1) A notice published in the Gazette before the sale day that declares a SMEC body to be an eligible body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (2) A notice published in the Gazette before the sale day that declares a SMEC body to be a relevant body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (3) Neither subsection (1) nor (2) prevents the declaration as affected by that subsection being amended or revoked by the Minister.\n  (4) In subsection (3):\n\n> Minister has the same meaning as in the Supervisory Mechanisms Act.","sortOrder":6},{"sectionNumber":"9","sectionType":"section","heading":"Interpretation","content":"#### 9 Interpretation\n\n  (1) Unless the contrary intention appears, expressions used in this Division that are also used in the Long Service Leave Act have the same respective meanings as in that Act.\n  (2) In this Division:\n\n> combined service period, in relation to an employee, means the total of:\n\n    (a) the period that is, immediately before the sale day, the employee’s period of service for the purposes of the Long Service Leave Act; and\n    (b) the period starting on the sale day during which the employee continues to be an employee of SMEC.\n\n> employee includes a person employed in a full‑time or a part‑time capacity.\n\n> law means:\n\n    (a) a law of the Commonwealth or of a State or Territory; or\n    (b) regulations or any other instrument (other than an award, determination or industrial agreement) made under such a law.\n\n> post‑sale long service leave rights, in relation to an employee, means any long service leave rights an employee acquires under an award, determination, industrial agreement or law (other than this Act) on or after the sale day.","sortOrder":7},{"sectionNumber":"10","sectionType":"section","heading":"Long service leave for employees with less than 10 years service","content":"#### 10 Long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC may grant long service leave to an employee whose period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) If, from and after the sale day, the employee continues to be employed by SMEC until his or her combined service period is at least 10 years, SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (5) If:\n    (a) the employee is to stop being an employee of SMEC on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) the employee’s combined service period at the time when he or she is to stop being an employee of SMEC is at least one year;\n  SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (6) If a period of long service leave may be granted to an employee under subsection (4) or (5), SMEC may, if the employee asks in writing, grant the employee long service leave on half salary for a period not exceeding twice that first‑mentioned period.\n  (7) Long service leave granted in the circumstances set out in subsection (5) is to be taken so as to end immediately before the employee stops being an employee.\n  (8) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 20 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “section 16 or 17” in that section there were substituted the expression “section 10 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.","sortOrder":8},{"sectionNumber":"11","sectionType":"section","heading":"Payments in lieu of long service leave for employees with less than 10 years service","content":"#### 11 Payments in lieu of long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC must pay an amount in respect of long service leave to an employee who has not used all of his or her long service leave credit by taking long service leave under section 10.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) Subject to subsection (7), if the employee stops being an employee of SMEC on or after the day on which his or her combined service period reaches 10 years, SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (5) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC, on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) at that time, the employee’s combined service period is at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (6) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC; and\n    (b) SMEC is satisfied that the employee left SMEC because of ill health that justified his or her so leaving; and\n    (c) when the employee left, his or her combined service period was at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (7) An employee may, by written notice given to SMEC before the employee stops being an employee of SMEC:\n    (a) ask SMEC not to make a payment to the employee under this section; or\n    (b) ask SMEC to make a payment under subsection (4), (5) or (6) of a specified amount that is less than the amount that would otherwise be payable under that subsection.\n  (8) SMEC must comply with a request made under subsection (7).\n  (9) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 21 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “sections 16 and 17” in that section there were substituted the expression “section 11 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.","sortOrder":9},{"sectionNumber":"12","sectionType":"section","heading":"Payments on the death of an employee","content":"#### 12 Payments on the death of an employee\n\n  (1) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) If:\n    (a) on or after the sale day, the employee dies; and\n    (b) immediately before his or her death, the employee was an employee of SMEC; and\n    (c) immediately before his or her death, the employee’s combined service period was at least one year; and\n    (d) immediately before his or her death, the employee had one or more dependants;\n  SMEC must make a payment to a dependant or to 2 or more dependants of the employee.\n  (3) The total amount of the payment or payments is the amount that would have been payable to the employee under section 11 if, on the day of his or her death, the employee had instead stopped being an employee of SMEC on or after reaching the minimum retiring age.\n  (4) If subsection (2) applies, section 23 of the Long Service Leave Act has effect as if:\n    (a) that section applied to an employee of SMEC; and\n    (b) a reference in that section to the approving authority were a reference to SMEC; and\n    (c) the section were further modified as set out in the following table:\n\nTABLE\n\n| Provision                 | Omit this expression      | Insert this expression                                                          |\n| ------------------------- | ------------------------- | ------------------------------------------------------------------------------- |\n| section 23                | this Act                  | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n| subsections 23(2) and (3) | subsection 16(7) or 17(5) | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |","sortOrder":10},{"sectionNumber":"13","sectionType":"section","heading":"Employee’s long service leave credit for the purposes of sections 10 and 11","content":"#### 13 Employee’s long service leave credit for the purposes of sections 10 and 11\n\n  (1) For the purposes of section 10, an employee’s long service leave credit is equal to the long service leave credit that the employee would have had under the Long Service Leave Act for the period:\n    (a) starting when the employee started his or her period of service; and\n    (b) ending on the sale day;\n  if the employee had been retrenched on the sale day.\n  (2) For the purposes of section 11, an employee’s long service leave credit is the employee’s long service leave credit worked out under subsection (1), reduced by any long service leave credits used under section 10.","sortOrder":11},{"sectionNumber":"14","sectionType":"section","heading":"Division not to affect an employee’s post‑sale long service leave rights","content":"#### 14 Division not to affect an employee’s post‑sale long service leave rights\n\n  To avoid doubt, it is declared that this Division does not affect an employee’s post‑sale long service leave rights.","sortOrder":12},{"sectionNumber":"15","sectionType":"section","heading":"Saving—Long Service Leave Act","content":"#### 15 Saving—Long Service Leave Act\n\n  If, immediately before the sale day, the period of service under the Long Service Leave Act of an employee of SMEC was at least 10 years, then:\n    (a) despite the amendment of the Long Service Leave (Commonwealth Employees) Regulations by this Act, the employee’s accrued rights under that Act continue; and\n    (b) that Act has effect after the sale day as if SMEC were the approving authority in relation to the employee for the purposes of that Act.","sortOrder":13},{"sectionNumber":"Division 2","sectionType":"division","heading":"Transitional and saving provisions relating to the Safety Rehabilitation and Compensation Act 1988","content":"An Act relating to the sale of the Snowy Mountains Engineering Corporation Limited, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Snowy Mountains Engineering Corporation Limited Sale Act 1993.\n\n#### 2 Commencement\n\n  (1) Sections 1, 2, 3, 4 and 38 commence on the day on which this Act receives the Royal Assent.\n  (2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.\n  (3) Section 37 of this Act commences on a day to be fixed by Proclamation.\n  (4) A Proclamation may fix a day that is earlier than the day on which the Proclamation is published in the Gazette but only if the day fixed is the sale day.\n  (5) If a provision of this Act does not commence within the period of 2 years beginning on the day on which this Act receives the Royal Assent, it is taken to have been repealed on the day after the period ends.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> DFRDB Act means the Defence Force Retirement and Death Benefits Act 1973.\n\n> employee includes apprentice.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976 as in force immediately before 9 November 1993.\n\n> Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973.\n\n> sale day means the day declared under section 4.\n\n> share, in relation to a body corporate, means a share in the body’s share capital.\n\n> SMEC means the body corporate known before the sale day as the Snowy Mountains Engineering Corporation Limited by whatever name called, and in whatever form that body corporate takes, from time to time.\n\n> SMEC body means SMEC or a SMEC subsidiary.\n\n> SMEC subsidiary means a body corporate that is a subsidiary of SMEC.\n\n> SRC Act means the Safety Rehabilitation and Compensation Act 1988.\n\n> Supervisory Mechanisms Act means the Superannuation Benefits (Supervisory Mechanisms) Act 1990.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n  (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.\n\n#### 4 The sale day\n\n  (1) The Finance Minister must, by notice in the Gazette, declare the day described in subsection (2) to be the sale day.\n  (2) The day to be specified in the notice is the day that, in the opinion of the Finance Minister, is the first day after the commencement of this Part on which a majority of the voting shares in SMEC are acquired by a person, or persons, other than the Commonwealth or a nominee of the Commonwealth.\n  (3) The notice must be published within 14 days after the specified day.\n\n## Part 4—Transitional and saving provisions\n\n### Division 1—Transitional and saving provisions in relation to long service leave\n\n#### 9 Interpretation\n\n  (1) Unless the contrary intention appears, expressions used in this Division that are also used in the Long Service Leave Act have the same respective meanings as in that Act.\n  (2) In this Division:\n\n> combined service period, in relation to an employee, means the total of:\n\n    (a) the period that is, immediately before the sale day, the employee’s period of service for the purposes of the Long Service Leave Act; and\n    (b) the period starting on the sale day during which the employee continues to be an employee of SMEC.\n\n> employee includes a person employed in a full‑time or a part‑time capacity.\n\n> law means:\n\n    (a) a law of the Commonwealth or of a State or Territory; or\n    (b) regulations or any other instrument (other than an award, determination or industrial agreement) made under such a law.\n\n> post‑sale long service leave rights, in relation to an employee, means any long service leave rights an employee acquires under an award, determination, industrial agreement or law (other than this Act) on or after the sale day.\n\n#### 10 Long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC may grant long service leave to an employee whose period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) If, from and after the sale day, the employee continues to be employed by SMEC until his or her combined service period is at least 10 years, SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (5) If:\n    (a) the employee is to stop being an employee of SMEC on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) the employee’s combined service period at the time when he or she is to stop being an employee of SMEC is at least one year;\n  SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (6) If a period of long service leave may be granted to an employee under subsection (4) or (5), SMEC may, if the employee asks in writing, grant the employee long service leave on half salary for a period not exceeding twice that first‑mentioned period.\n  (7) Long service leave granted in the circumstances set out in subsection (5) is to be taken so as to end immediately before the employee stops being an employee.\n  (8) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 20 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “section 16 or 17” in that section there were substituted the expression “section 10 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 11 Payments in lieu of long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC must pay an amount in respect of long service leave to an employee who has not used all of his or her long service leave credit by taking long service leave under section 10.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) Subject to subsection (7), if the employee stops being an employee of SMEC on or after the day on which his or her combined service period reaches 10 years, SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (5) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC, on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) at that time, the employee’s combined service period is at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (6) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC; and\n    (b) SMEC is satisfied that the employee left SMEC because of ill health that justified his or her so leaving; and\n    (c) when the employee left, his or her combined service period was at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (7) An employee may, by written notice given to SMEC before the employee stops being an employee of SMEC:\n    (a) ask SMEC not to make a payment to the employee under this section; or\n    (b) ask SMEC to make a payment under subsection (4), (5) or (6) of a specified amount that is less than the amount that would otherwise be payable under that subsection.\n  (8) SMEC must comply with a request made under subsection (7).\n  (9) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 21 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “sections 16 and 17” in that section there were substituted the expression “section 11 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 12 Payments on the death of an employee\n\n  (1) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) If:\n    (a) on or after the sale day, the employee dies; and\n    (b) immediately before his or her death, the employee was an employee of SMEC; and\n    (c) immediately before his or her death, the employee’s combined service period was at least one year; and\n    (d) immediately before his or her death, the employee had one or more dependants;\n  SMEC must make a payment to a dependant or to 2 or more dependants of the employee.\n  (3) The total amount of the payment or payments is the amount that would have been payable to the employee under section 11 if, on the day of his or her death, the employee had instead stopped being an employee of SMEC on or after reaching the minimum retiring age.\n  (4) If subsection (2) applies, section 23 of the Long Service Leave Act has effect as if:\n    (a) that section applied to an employee of SMEC; and\n    (b) a reference in that section to the approving authority were a reference to SMEC; and\n    (c) the section were further modified as set out in the following table:\n\nTABLE\n\n| Provision                 | Omit this expression      | Insert this expression                                                          |\n| ------------------------- | ------------------------- | ------------------------------------------------------------------------------- |\n| section 23                | this Act                  | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n| subsections 23(2) and (3) | subsection 16(7) or 17(5) | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n\n#### 13 Employee’s long service leave credit for the purposes of sections 10 and 11\n\n  (1) For the purposes of section 10, an employee’s long service leave credit is equal to the long service leave credit that the employee would have had under the Long Service Leave Act for the period:\n    (a) starting when the employee started his or her period of service; and\n    (b) ending on the sale day;\n  if the employee had been retrenched on the sale day.\n  (2) For the purposes of section 11, an employee’s long service leave credit is the employee’s long service leave credit worked out under subsection (1), reduced by any long service leave credits used under section 10.\n\n#### 14 Division not to affect an employee’s post‑sale long service leave rights\n\n  To avoid doubt, it is declared that this Division does not affect an employee’s post‑sale long service leave rights.\n\n#### 15 Saving—Long Service Leave Act\n\n  If, immediately before the sale day, the period of service under the Long Service Leave Act of an employee of SMEC was at least 10 years, then:\n    (a) despite the amendment of the Long Service Leave (Commonwealth Employees) Regulations by this Act, the employee’s accrued rights under that Act continue; and\n    (b) that Act has effect after the sale day as if SMEC were the approving authority in relation to the employee for the purposes of that Act.\n\n### Division 2—Transitional and saving provisions relating to the Safety Rehabilitation and Compensation Act 1988\n\n#### 16 Interpretation\n\n  Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.\n\n#### 17 Continued application of SRC Act\n\n  If SMEC stops being a Commonwealth authority for the purposes of the SRC Act, the SRC Act continues to apply in relation to SMEC to the extent, and in the manner, set out in this Division.\n\n#### 18 Transitional provisions relating to the SRC Act that relate to SMEC employees and former SMEC employees\n\n  (1) The SRC Act continues to apply on and after the sale day in relation to:\n    (a) injuries suffered by employees of SMEC before the sale day; and\n    (b) loss of, or damage to, property incurred by employees of SMEC before the sale day;\n  including employees who had stopped being employees of SMEC before the sale day.\n  (2) For the purposes of subsection (1), the SRC Act continues to apply as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) the chief executive officer of SMEC (however described) continues to be the principal officer of a Commonwealth authority.\n\n#### 19 Transitional provisions relating to Division 4A of Part VII of the SRC Act\n\n  (1) On and after the sale day, Division 4A of Part VII of the SRC Act applies to SMEC as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) SMEC is not required to pay a premium under that Division in respect of that part of a financial year which occurs after the sale day; and\n    (c) the following word and paragraph were added at the end of subsection 96H(1):\n    “; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.\n  (2) If, 60 days after the sale day, an amount of premium payable by SMEC to Comcare in respect of a period before the sale day remains unpaid, the amount is a debt due to the Commonwealth and payable to Comcare.\n\n#### 20 Transitional provision relating to section 128A of the SRC Act\n\n  On and after the sale day, section 128A of the SRC Act continues to apply to SMEC as if SMEC continues to be a prescribed Commonwealth authority for the purposes of that section.\n\n#### 21 Notification of amount of salary etc. paid to employees of SMEC\n\n  The chief executive officer (however described) of SMEC must notify the Commission, within 28 days after the sale day, of the amount of salary, wages or pay paid to employees of SMEC in the period starting on 1 July in the financial year in which the sale day occurs and ending on the day before the sale day.\n\n#### 22 Amendment of declarations under the SRC Act\n\n  (1) A notice published in the Gazette before the sale day that declares SMEC to be a body corporate to which the SRC Act applies for the purposes of paragraph (c) of the definition of Commonwealth authority in subsection 4(1) of the SRC Act has effect from and including the sale day as if it did not contain a reference to SMEC.\n  (2) Subsection (1) does not prevent the declaration, as affected by that subsection, being amended or revoked by the Minister.\n\n### Division 3—Transitional and saving provisions in relation to superannuation and other retirement benefits\n\n#### 23 Saving—deferred benefits under the Superannuation Act 1922\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 119W of the Superannuation Act 1922.\n  (2) For the purposes of Division 3 of Part XA of the Superannuation Act 1922, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part XA of the Superannuation Act 1922.\n\n#### 24 Saving—deferred benefits under the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 139 of the Superannuation Act 1976.\n  (2) For the purposes of Division 3 of Part IX of the Superannuation Act 1976, an employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the Superannuation Act 1976.\n\n#### 25 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 26 Saving—deferred benefits under the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 78 of the DFRDB Act.\n  (2) For the purposes of Division 3 of Part IX of the DFRDB Act, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the DFRDB Act.\n\n#### 27 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 28 Application—Superannuation Act 1922\n\n  On and after the sale day, section 145 of the Superannuation Act 1922 does not apply in relation to SMEC.\n\n#### 29 Application—Superannuation Act 1976\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1976.\n\n#### 30 Application—Superannuation Act 1990\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1990.\n\n### Division 4—Other transitional and saving provisions\n\n#### 31 Transitional maternity leave provisions relating to employees of SMEC who are not on maternity leave immediately before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) within 12 months after the sale day, the person would have been entitled to begin leave granted under the Maternity Leave Act if SMEC had continued to be a prescribed authority for the purposes of that Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which she would have been entitled to leave as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 32 Transitional maternity leave provisions relating to employees of SMEC who are on maternity leave on or before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) on the sale day, the person is on leave granted under the Maternity Leave Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which the leave was granted as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 33 Saving—Crimes (Superannuation Benefits) Act 1989\n\n  (1) Subject to subsection (2), if a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee, then, on and after the sale day, the Crimes (Superannuation Benefits) Act 1989 continues to apply in relation to the person in respect of the offence as if SMEC continued to be a Commonwealth authority.\n  (2) A superannuation order may not be made under the Crimes (Superannuation Benefits) Act 1989 in relation to employer contributions or benefits paid or payable to a superannuation scheme by SMEC after the sale day.\n  (3) A superannuation scheme in relation to which employer contributions or benefits are paid or payable by SMEC is not a superannuation scheme for the purposes of the Crimes (Superannuation Benefits) Act 1989 in respect of a corruption offence committed by a person after the sale day.\n  (4) Despite paragraph 19(3)(d) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount paid to the Commonwealth before the sale day by or on behalf of SMEC, belongs to the Commonwealth.\n  (5) If:\n    (a) a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee; and\n    (b) the person was paid benefits before, on or after the sale day out of the Consolidated Revenue Fund;\n  then, despite paragraph 19(4)(b) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount equal to the total benefits paid out of the Consolidated Revenue Fund be paid to the Commonwealth.\n  (6) Unless the contrary intention appears, expressions used in this section that are also used in the Crimes (Superannuation Benefits) Act 1989 have the same respective meanings as in that Act.\n\n#### 34 Saving—DPP Act\n\n  (1) Despite the DPP Act ceasing to apply to certain acts, omissions or proceedings in connection with SMEC because SMEC stops being an authority of the Commonwealth for the purposes of that Act, that Act continues to apply in relation to:\n    (a) acts or omissions that occurred before the sale day; and\n    (b) the taking of civil remedies connected with or arising out of a prosecution that relates to acts or omissions referred to in paragraph (a).\n  (2) In this section:\n\n> DPP Act means the Director of Public Prosecutions Act 1983.\n\n#### 35 Saving—Judiciary Act 1903\n\n  (1) Despite section 36 of this Act, section 55E of the Judiciary Act 1903 continues to apply in relation to:\n    (a) any proceedings to which SMEC is a party that were started before the sale day; and\n    (b) any matter that an authorised person, by signed writing, certifies is a matter in relation to which SMEC gave written instructions before the sale day to the Australian Government Solicitor;\n  as if SMEC were a body established under an Act.\n  (2) A document purporting to be a certificate under subsection (1) is, unless the contrary is established, to be taken to be such a certificate.\n  (3) In this section:\n\n> authorised person means:\n\n    (a) the Secretary of the Attorney‑General’s Department; or\n    (b) an SES employee, or acting SES employee, in that Department.\n\n## Part 5—Other provisions relating to the sale of SMEC\n\n#### 36 SMEC not to be established by or under an Act or established by the Commonwealth\n\n  (1) On and after the sale day, SMEC is not taken for the purposes of a law to be:\n    (a) established by or under an Act; or\n    (b) established by the Commonwealth;\n  unless a law expressly provides otherwise.\n  (3) In subsection (1):\n\n> law means:\n\n    (a) an Act of the Commonwealth or of a State or Territory; and\n    (b) regulations or other instrument made under such an Act.\n\n#### 37 Removal of SMEC’s tax losses\n\n  (1) A loss incurred by SMEC in a year of income ending before the year of income in which the sale day occurs is not allowable as a deduction in a year of income ending on or after the sale day.\n  (2) Subsection (1) has effect despite anything in the Income Tax Assessment Act 1936 and, in particular, former sections 79E, 79EA, 79EB, 79F, 80, 80AAA and 80AA of that Act.\n  (3) Unless the contrary intention appears, expressions used in subsection (1) that are also used in the Income Tax Assessment Act 1936 have the same respective meanings as in that Act.\n  (4) SMEC cannot deduct in the 1997‑98 income year or a later income year a tax loss incurred in an income year ending before the income year in which the sale day occurs.\n  (5) This section has effect despite anything and, in particular, Division 36 and Subdivision 195‑A of the Income Tax Assessment Act 1997.\n  (6) Unless the contrary intention appears, an expression has the same meaning in subsection (4) as in the Income Tax Assessment Act 1997.\n\n#### 38 Exemption from State and Territory taxes and fees\n\n  (1) No tax is payable under a law of a State or a 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  (2) An authorised person may, in writing, certify that:\n    (a) a specified matter or thing is an exempt matter; or\n    (b) a specified thing was 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, a specified exempt matter.\n  (3) A certificate under subsection (2) is, in all courts and for all purposes, evidence of the matter stated in the certificate.\n  (4) In this section:\n\n> authorised person means:\n\n    (a) the Finance Minister; or\n    (b) the Secretary of the Finance Department; or\n    (c) an SES employee, or acting SES employee, in that Department, authorised by the Secretary, in writing, for the purposes of this section.\n\n> exempt matter means:\n\n    (a) the issue or allotment of shares by SMEC to the Commonwealth or another person on or before the sale day; or\n    (b) an agreement between the Commonwealth and another person relating to the sale, issue or allotment of shares in SMEC; or\n    (c) the transfer of shares in SMEC by the Commonwealth or a nominee of the Commonwealth to another person; or\n    (d) the receipt of money (whether before, on or after the sale day) by the Commonwealth, SMEC or another person acting on behalf of the Commonwealth or SMEC from persons who are, on or before the sale day, buying or subscribing for shares in SMEC; or\n    (e) the operation of this Act.\n\n> tax means:\n\n    (a) stamp duty or any other tax; and\n    (b) a fee (other than a fee payable under the Corporations Act 2001);\n  but does not include a tax or fee (other than a fee payable under the Corporations Act 2001) specified in a notice signed by the Finance Minister and published in the Gazette.\n\n#### 39 Regulations connected with the sale of SMEC\n\n  (1) Subsection 48(2) of the Acts Interpretation Act 1901 does not apply to regulations made under any Act that:\n    (a) are connected with the sale of SMEC; and\n    (b) include a declaration that the Governor‑General is satisfied that they are connected with the sale of SMEC; and\n    (c) are expressed to take effect on the sale day.\n  (2) Regulations covered by subsection (1) take effect on the sale day.\n\n#### 40 Cessation of mobility rights\n\n  (1) If Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then that Division stops applying to the employee on the sale day.\n  (2) If Division 4 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then:\n    (a) the Officers’ Rights Declaration Act 1928; and\n    (b) Division 4 of Part IV of the Public Service Act 1922;\n  stop applying to the employee on the sale day.\n\n#### 43 A SMEC body not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990\n\n  (1) A notice published in the Gazette before the sale day that declares a SMEC body to be an eligible body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (2) A notice published in the Gazette before the sale day that declares a SMEC body to be a relevant body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (3) Neither subsection (1) nor (2) prevents the declaration as affected by that subsection being amended or revoked by the Minister.\n  (4) In subsection (3):\n\n> Minister has the same meaning as in the Supervisory Mechanisms Act.","sortOrder":14},{"sectionNumber":"16","sectionType":"section","heading":"Interpretation","content":"#### 16 Interpretation\n\n  Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.","sortOrder":15},{"sectionNumber":"17","sectionType":"section","heading":"Continued application of SRC Act","content":"#### 17 Continued application of SRC Act\n\n  If SMEC stops being a Commonwealth authority for the purposes of the SRC Act, the SRC Act continues to apply in relation to SMEC to the extent, and in the manner, set out in this Division.","sortOrder":16},{"sectionNumber":"18","sectionType":"section","heading":"Transitional provisions relating to the SRC Act that relate to SMEC employees and former SMEC employees","content":"#### 18 Transitional provisions relating to the SRC Act that relate to SMEC employees and former SMEC employees\n\n  (1) The SRC Act continues to apply on and after the sale day in relation to:\n    (a) injuries suffered by employees of SMEC before the sale day; and\n    (b) loss of, or damage to, property incurred by employees of SMEC before the sale day;\n  including employees who had stopped being employees of SMEC before the sale day.\n  (2) For the purposes of subsection (1), the SRC Act continues to apply as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) the chief executive officer of SMEC (however described) continues to be the principal officer of a Commonwealth authority.","sortOrder":17},{"sectionNumber":"19","sectionType":"section","heading":"Transitional provisions relating to Division 4A of Part VII of the SRC Act","content":"#### 19 Transitional provisions relating to Division 4A of Part VII of the SRC Act\n\n  (1) On and after the sale day, Division 4A of Part VII of the SRC Act applies to SMEC as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) SMEC is not required to pay a premium under that Division in respect of that part of a financial year which occurs after the sale day; and\n    (c) the following word and paragraph were added at the end of subsection 96H(1):\n    “; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.\n  (2) If, 60 days after the sale day, an amount of premium payable by SMEC to Comcare in respect of a period before the sale day remains unpaid, the amount is a debt due to the Commonwealth and payable to Comcare.","sortOrder":18},{"sectionNumber":"20","sectionType":"section","heading":"Transitional provision relating to section 128A of the SRC Act","content":"#### 20 Transitional provision relating to section 128A of the SRC Act\n\n  On and after the sale day, section 128A of the SRC Act continues to apply to SMEC as if SMEC continues to be a prescribed Commonwealth authority for the purposes of that section.","sortOrder":19},{"sectionNumber":"21","sectionType":"section","heading":"Notification of amount of salary etc. paid to employees of SMEC","content":"#### 21 Notification of amount of salary etc. paid to employees of SMEC\n\n  The chief executive officer (however described) of SMEC must notify the Commission, within 28 days after the sale day, of the amount of salary, wages or pay paid to employees of SMEC in the period starting on 1 July in the financial year in which the sale day occurs and ending on the day before the sale day.","sortOrder":20},{"sectionNumber":"22","sectionType":"section","heading":"Amendment of declarations under the SRC Act","content":"#### 22 Amendment of declarations under the SRC Act\n\n  (1) A notice published in the Gazette before the sale day that declares SMEC to be a body corporate to which the SRC Act applies for the purposes of paragraph (c) of the definition of Commonwealth authority in subsection 4(1) of the SRC Act has effect from and including the sale day as if it did not contain a reference to SMEC.\n  (2) Subsection (1) does not prevent the declaration, as affected by that subsection, being amended or revoked by the Minister.","sortOrder":21},{"sectionNumber":"Division 3","sectionType":"division","heading":"Transitional and saving provisions in relation to superannuation and other retirement benefits","content":"An Act relating to the sale of the Snowy Mountains Engineering Corporation Limited, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Snowy Mountains Engineering Corporation Limited Sale Act 1993.\n\n#### 2 Commencement\n\n  (1) Sections 1, 2, 3, 4 and 38 commence on the day on which this Act receives the Royal Assent.\n  (2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.\n  (3) Section 37 of this Act commences on a day to be fixed by Proclamation.\n  (4) A Proclamation may fix a day that is earlier than the day on which the Proclamation is published in the Gazette but only if the day fixed is the sale day.\n  (5) If a provision of this Act does not commence within the period of 2 years beginning on the day on which this Act receives the Royal Assent, it is taken to have been repealed on the day after the period ends.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> DFRDB Act means the Defence Force Retirement and Death Benefits Act 1973.\n\n> employee includes apprentice.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976 as in force immediately before 9 November 1993.\n\n> Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973.\n\n> sale day means the day declared under section 4.\n\n> share, in relation to a body corporate, means a share in the body’s share capital.\n\n> SMEC means the body corporate known before the sale day as the Snowy Mountains Engineering Corporation Limited by whatever name called, and in whatever form that body corporate takes, from time to time.\n\n> SMEC body means SMEC or a SMEC subsidiary.\n\n> SMEC subsidiary means a body corporate that is a subsidiary of SMEC.\n\n> SRC Act means the Safety Rehabilitation and Compensation Act 1988.\n\n> Supervisory Mechanisms Act means the Superannuation Benefits (Supervisory Mechanisms) Act 1990.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n  (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.\n\n#### 4 The sale day\n\n  (1) The Finance Minister must, by notice in the Gazette, declare the day described in subsection (2) to be the sale day.\n  (2) The day to be specified in the notice is the day that, in the opinion of the Finance Minister, is the first day after the commencement of this Part on which a majority of the voting shares in SMEC are acquired by a person, or persons, other than the Commonwealth or a nominee of the Commonwealth.\n  (3) The notice must be published within 14 days after the specified day.\n\n## Part 4—Transitional and saving provisions\n\n### Division 1—Transitional and saving provisions in relation to long service leave\n\n#### 9 Interpretation\n\n  (1) Unless the contrary intention appears, expressions used in this Division that are also used in the Long Service Leave Act have the same respective meanings as in that Act.\n  (2) In this Division:\n\n> combined service period, in relation to an employee, means the total of:\n\n    (a) the period that is, immediately before the sale day, the employee’s period of service for the purposes of the Long Service Leave Act; and\n    (b) the period starting on the sale day during which the employee continues to be an employee of SMEC.\n\n> employee includes a person employed in a full‑time or a part‑time capacity.\n\n> law means:\n\n    (a) a law of the Commonwealth or of a State or Territory; or\n    (b) regulations or any other instrument (other than an award, determination or industrial agreement) made under such a law.\n\n> post‑sale long service leave rights, in relation to an employee, means any long service leave rights an employee acquires under an award, determination, industrial agreement or law (other than this Act) on or after the sale day.\n\n#### 10 Long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC may grant long service leave to an employee whose period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) If, from and after the sale day, the employee continues to be employed by SMEC until his or her combined service period is at least 10 years, SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (5) If:\n    (a) the employee is to stop being an employee of SMEC on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) the employee’s combined service period at the time when he or she is to stop being an employee of SMEC is at least one year;\n  SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (6) If a period of long service leave may be granted to an employee under subsection (4) or (5), SMEC may, if the employee asks in writing, grant the employee long service leave on half salary for a period not exceeding twice that first‑mentioned period.\n  (7) Long service leave granted in the circumstances set out in subsection (5) is to be taken so as to end immediately before the employee stops being an employee.\n  (8) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 20 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “section 16 or 17” in that section there were substituted the expression “section 10 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 11 Payments in lieu of long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC must pay an amount in respect of long service leave to an employee who has not used all of his or her long service leave credit by taking long service leave under section 10.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) Subject to subsection (7), if the employee stops being an employee of SMEC on or after the day on which his or her combined service period reaches 10 years, SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (5) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC, on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) at that time, the employee’s combined service period is at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (6) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC; and\n    (b) SMEC is satisfied that the employee left SMEC because of ill health that justified his or her so leaving; and\n    (c) when the employee left, his or her combined service period was at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (7) An employee may, by written notice given to SMEC before the employee stops being an employee of SMEC:\n    (a) ask SMEC not to make a payment to the employee under this section; or\n    (b) ask SMEC to make a payment under subsection (4), (5) or (6) of a specified amount that is less than the amount that would otherwise be payable under that subsection.\n  (8) SMEC must comply with a request made under subsection (7).\n  (9) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 21 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “sections 16 and 17” in that section there were substituted the expression “section 11 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 12 Payments on the death of an employee\n\n  (1) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) If:\n    (a) on or after the sale day, the employee dies; and\n    (b) immediately before his or her death, the employee was an employee of SMEC; and\n    (c) immediately before his or her death, the employee’s combined service period was at least one year; and\n    (d) immediately before his or her death, the employee had one or more dependants;\n  SMEC must make a payment to a dependant or to 2 or more dependants of the employee.\n  (3) The total amount of the payment or payments is the amount that would have been payable to the employee under section 11 if, on the day of his or her death, the employee had instead stopped being an employee of SMEC on or after reaching the minimum retiring age.\n  (4) If subsection (2) applies, section 23 of the Long Service Leave Act has effect as if:\n    (a) that section applied to an employee of SMEC; and\n    (b) a reference in that section to the approving authority were a reference to SMEC; and\n    (c) the section were further modified as set out in the following table:\n\nTABLE\n\n| Provision                 | Omit this expression      | Insert this expression                                                          |\n| ------------------------- | ------------------------- | ------------------------------------------------------------------------------- |\n| section 23                | this Act                  | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n| subsections 23(2) and (3) | subsection 16(7) or 17(5) | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n\n#### 13 Employee’s long service leave credit for the purposes of sections 10 and 11\n\n  (1) For the purposes of section 10, an employee’s long service leave credit is equal to the long service leave credit that the employee would have had under the Long Service Leave Act for the period:\n    (a) starting when the employee started his or her period of service; and\n    (b) ending on the sale day;\n  if the employee had been retrenched on the sale day.\n  (2) For the purposes of section 11, an employee’s long service leave credit is the employee’s long service leave credit worked out under subsection (1), reduced by any long service leave credits used under section 10.\n\n#### 14 Division not to affect an employee’s post‑sale long service leave rights\n\n  To avoid doubt, it is declared that this Division does not affect an employee’s post‑sale long service leave rights.\n\n#### 15 Saving—Long Service Leave Act\n\n  If, immediately before the sale day, the period of service under the Long Service Leave Act of an employee of SMEC was at least 10 years, then:\n    (a) despite the amendment of the Long Service Leave (Commonwealth Employees) Regulations by this Act, the employee’s accrued rights under that Act continue; and\n    (b) that Act has effect after the sale day as if SMEC were the approving authority in relation to the employee for the purposes of that Act.\n\n### Division 2—Transitional and saving provisions relating to the Safety Rehabilitation and Compensation Act 1988\n\n#### 16 Interpretation\n\n  Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.\n\n#### 17 Continued application of SRC Act\n\n  If SMEC stops being a Commonwealth authority for the purposes of the SRC Act, the SRC Act continues to apply in relation to SMEC to the extent, and in the manner, set out in this Division.\n\n#### 18 Transitional provisions relating to the SRC Act that relate to SMEC employees and former SMEC employees\n\n  (1) The SRC Act continues to apply on and after the sale day in relation to:\n    (a) injuries suffered by employees of SMEC before the sale day; and\n    (b) loss of, or damage to, property incurred by employees of SMEC before the sale day;\n  including employees who had stopped being employees of SMEC before the sale day.\n  (2) For the purposes of subsection (1), the SRC Act continues to apply as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) the chief executive officer of SMEC (however described) continues to be the principal officer of a Commonwealth authority.\n\n#### 19 Transitional provisions relating to Division 4A of Part VII of the SRC Act\n\n  (1) On and after the sale day, Division 4A of Part VII of the SRC Act applies to SMEC as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) SMEC is not required to pay a premium under that Division in respect of that part of a financial year which occurs after the sale day; and\n    (c) the following word and paragraph were added at the end of subsection 96H(1):\n    “; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.\n  (2) If, 60 days after the sale day, an amount of premium payable by SMEC to Comcare in respect of a period before the sale day remains unpaid, the amount is a debt due to the Commonwealth and payable to Comcare.\n\n#### 20 Transitional provision relating to section 128A of the SRC Act\n\n  On and after the sale day, section 128A of the SRC Act continues to apply to SMEC as if SMEC continues to be a prescribed Commonwealth authority for the purposes of that section.\n\n#### 21 Notification of amount of salary etc. paid to employees of SMEC\n\n  The chief executive officer (however described) of SMEC must notify the Commission, within 28 days after the sale day, of the amount of salary, wages or pay paid to employees of SMEC in the period starting on 1 July in the financial year in which the sale day occurs and ending on the day before the sale day.\n\n#### 22 Amendment of declarations under the SRC Act\n\n  (1) A notice published in the Gazette before the sale day that declares SMEC to be a body corporate to which the SRC Act applies for the purposes of paragraph (c) of the definition of Commonwealth authority in subsection 4(1) of the SRC Act has effect from and including the sale day as if it did not contain a reference to SMEC.\n  (2) Subsection (1) does not prevent the declaration, as affected by that subsection, being amended or revoked by the Minister.\n\n### Division 3—Transitional and saving provisions in relation to superannuation and other retirement benefits\n\n#### 23 Saving—deferred benefits under the Superannuation Act 1922\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 119W of the Superannuation Act 1922.\n  (2) For the purposes of Division 3 of Part XA of the Superannuation Act 1922, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part XA of the Superannuation Act 1922.\n\n#### 24 Saving—deferred benefits under the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 139 of the Superannuation Act 1976.\n  (2) For the purposes of Division 3 of Part IX of the Superannuation Act 1976, an employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the Superannuation Act 1976.\n\n#### 25 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 26 Saving—deferred benefits under the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 78 of the DFRDB Act.\n  (2) For the purposes of Division 3 of Part IX of the DFRDB Act, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the DFRDB Act.\n\n#### 27 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 28 Application—Superannuation Act 1922\n\n  On and after the sale day, section 145 of the Superannuation Act 1922 does not apply in relation to SMEC.\n\n#### 29 Application—Superannuation Act 1976\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1976.\n\n#### 30 Application—Superannuation Act 1990\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1990.\n\n### Division 4—Other transitional and saving provisions\n\n#### 31 Transitional maternity leave provisions relating to employees of SMEC who are not on maternity leave immediately before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) within 12 months after the sale day, the person would have been entitled to begin leave granted under the Maternity Leave Act if SMEC had continued to be a prescribed authority for the purposes of that Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which she would have been entitled to leave as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 32 Transitional maternity leave provisions relating to employees of SMEC who are on maternity leave on or before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) on the sale day, the person is on leave granted under the Maternity Leave Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which the leave was granted as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 33 Saving—Crimes (Superannuation Benefits) Act 1989\n\n  (1) Subject to subsection (2), if a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee, then, on and after the sale day, the Crimes (Superannuation Benefits) Act 1989 continues to apply in relation to the person in respect of the offence as if SMEC continued to be a Commonwealth authority.\n  (2) A superannuation order may not be made under the Crimes (Superannuation Benefits) Act 1989 in relation to employer contributions or benefits paid or payable to a superannuation scheme by SMEC after the sale day.\n  (3) A superannuation scheme in relation to which employer contributions or benefits are paid or payable by SMEC is not a superannuation scheme for the purposes of the Crimes (Superannuation Benefits) Act 1989 in respect of a corruption offence committed by a person after the sale day.\n  (4) Despite paragraph 19(3)(d) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount paid to the Commonwealth before the sale day by or on behalf of SMEC, belongs to the Commonwealth.\n  (5) If:\n    (a) a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee; and\n    (b) the person was paid benefits before, on or after the sale day out of the Consolidated Revenue Fund;\n  then, despite paragraph 19(4)(b) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount equal to the total benefits paid out of the Consolidated Revenue Fund be paid to the Commonwealth.\n  (6) Unless the contrary intention appears, expressions used in this section that are also used in the Crimes (Superannuation Benefits) Act 1989 have the same respective meanings as in that Act.\n\n#### 34 Saving—DPP Act\n\n  (1) Despite the DPP Act ceasing to apply to certain acts, omissions or proceedings in connection with SMEC because SMEC stops being an authority of the Commonwealth for the purposes of that Act, that Act continues to apply in relation to:\n    (a) acts or omissions that occurred before the sale day; and\n    (b) the taking of civil remedies connected with or arising out of a prosecution that relates to acts or omissions referred to in paragraph (a).\n  (2) In this section:\n\n> DPP Act means the Director of Public Prosecutions Act 1983.\n\n#### 35 Saving—Judiciary Act 1903\n\n  (1) Despite section 36 of this Act, section 55E of the Judiciary Act 1903 continues to apply in relation to:\n    (a) any proceedings to which SMEC is a party that were started before the sale day; and\n    (b) any matter that an authorised person, by signed writing, certifies is a matter in relation to which SMEC gave written instructions before the sale day to the Australian Government Solicitor;\n  as if SMEC were a body established under an Act.\n  (2) A document purporting to be a certificate under subsection (1) is, unless the contrary is established, to be taken to be such a certificate.\n  (3) In this section:\n\n> authorised person means:\n\n    (a) the Secretary of the Attorney‑General’s Department; or\n    (b) an SES employee, or acting SES employee, in that Department.\n\n## Part 5—Other provisions relating to the sale of SMEC\n\n#### 36 SMEC not to be established by or under an Act or established by the Commonwealth\n\n  (1) On and after the sale day, SMEC is not taken for the purposes of a law to be:\n    (a) established by or under an Act; or\n    (b) established by the Commonwealth;\n  unless a law expressly provides otherwise.\n  (3) In subsection (1):\n\n> law means:\n\n    (a) an Act of the Commonwealth or of a State or Territory; and\n    (b) regulations or other instrument made under such an Act.\n\n#### 37 Removal of SMEC’s tax losses\n\n  (1) A loss incurred by SMEC in a year of income ending before the year of income in which the sale day occurs is not allowable as a deduction in a year of income ending on or after the sale day.\n  (2) Subsection (1) has effect despite anything in the Income Tax Assessment Act 1936 and, in particular, former sections 79E, 79EA, 79EB, 79F, 80, 80AAA and 80AA of that Act.\n  (3) Unless the contrary intention appears, expressions used in subsection (1) that are also used in the Income Tax Assessment Act 1936 have the same respective meanings as in that Act.\n  (4) SMEC cannot deduct in the 1997‑98 income year or a later income year a tax loss incurred in an income year ending before the income year in which the sale day occurs.\n  (5) This section has effect despite anything and, in particular, Division 36 and Subdivision 195‑A of the Income Tax Assessment Act 1997.\n  (6) Unless the contrary intention appears, an expression has the same meaning in subsection (4) as in the Income Tax Assessment Act 1997.\n\n#### 38 Exemption from State and Territory taxes and fees\n\n  (1) No tax is payable under a law of a State or a 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  (2) An authorised person may, in writing, certify that:\n    (a) a specified matter or thing is an exempt matter; or\n    (b) a specified thing was 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, a specified exempt matter.\n  (3) A certificate under subsection (2) is, in all courts and for all purposes, evidence of the matter stated in the certificate.\n  (4) In this section:\n\n> authorised person means:\n\n    (a) the Finance Minister; or\n    (b) the Secretary of the Finance Department; or\n    (c) an SES employee, or acting SES employee, in that Department, authorised by the Secretary, in writing, for the purposes of this section.\n\n> exempt matter means:\n\n    (a) the issue or allotment of shares by SMEC to the Commonwealth or another person on or before the sale day; or\n    (b) an agreement between the Commonwealth and another person relating to the sale, issue or allotment of shares in SMEC; or\n    (c) the transfer of shares in SMEC by the Commonwealth or a nominee of the Commonwealth to another person; or\n    (d) the receipt of money (whether before, on or after the sale day) by the Commonwealth, SMEC or another person acting on behalf of the Commonwealth or SMEC from persons who are, on or before the sale day, buying or subscribing for shares in SMEC; or\n    (e) the operation of this Act.\n\n> tax means:\n\n    (a) stamp duty or any other tax; and\n    (b) a fee (other than a fee payable under the Corporations Act 2001);\n  but does not include a tax or fee (other than a fee payable under the Corporations Act 2001) specified in a notice signed by the Finance Minister and published in the Gazette.\n\n#### 39 Regulations connected with the sale of SMEC\n\n  (1) Subsection 48(2) of the Acts Interpretation Act 1901 does not apply to regulations made under any Act that:\n    (a) are connected with the sale of SMEC; and\n    (b) include a declaration that the Governor‑General is satisfied that they are connected with the sale of SMEC; and\n    (c) are expressed to take effect on the sale day.\n  (2) Regulations covered by subsection (1) take effect on the sale day.\n\n#### 40 Cessation of mobility rights\n\n  (1) If Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then that Division stops applying to the employee on the sale day.\n  (2) If Division 4 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then:\n    (a) the Officers’ Rights Declaration Act 1928; and\n    (b) Division 4 of Part IV of the Public Service Act 1922;\n  stop applying to the employee on the sale day.\n\n#### 43 A SMEC body not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990\n\n  (1) A notice published in the Gazette before the sale day that declares a SMEC body to be an eligible body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (2) A notice published in the Gazette before the sale day that declares a SMEC body to be a relevant body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (3) Neither subsection (1) nor (2) prevents the declaration as affected by that subsection being amended or revoked by the Minister.\n  (4) In subsection (3):\n\n> Minister has the same meaning as in the Supervisory Mechanisms Act.","sortOrder":22},{"sectionNumber":"23","sectionType":"section","heading":"Saving—deferred benefits under the Superannuation Act 1922","content":"#### 23 Saving—deferred benefits under the Superannuation Act 1922\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 119W of the Superannuation Act 1922.\n  (2) For the purposes of Division 3 of Part XA of the Superannuation Act 1922, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part XA of the Superannuation Act 1922.","sortOrder":23},{"sectionNumber":"24","sectionType":"section","heading":"Saving—deferred benefits under the Superannuation Act 1976","content":"#### 24 Saving—deferred benefits under the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 139 of the Superannuation Act 1976.\n  (2) For the purposes of Division 3 of Part IX of the Superannuation Act 1976, an employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the Superannuation Act 1976.","sortOrder":24},{"sectionNumber":"25","sectionType":"section","heading":"Saving—period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976","content":"#### 25 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976, the period of employment continues to be a period of eligible employment for the purposes of that Division.","sortOrder":25},{"sectionNumber":"26","sectionType":"section","heading":"Saving—deferred benefits under the DFRDB Act","content":"#### 26 Saving—deferred benefits under the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 78 of the DFRDB Act.\n  (2) For the purposes of Division 3 of Part IX of the DFRDB Act, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the DFRDB Act.","sortOrder":26},{"sectionNumber":"27","sectionType":"section","heading":"Saving—period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act","content":"#### 27 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act, the period of employment continues to be a period of eligible employment for the purposes of that Division.","sortOrder":27},{"sectionNumber":"28","sectionType":"section","heading":"Application—Superannuation Act 1922","content":"#### 28 Application—Superannuation Act 1922\n\n  On and after the sale day, section 145 of the Superannuation Act 1922 does not apply in relation to SMEC.","sortOrder":28},{"sectionNumber":"29","sectionType":"section","heading":"Application—Superannuation Act 1976","content":"#### 29 Application—Superannuation Act 1976\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1976.","sortOrder":29},{"sectionNumber":"30","sectionType":"section","heading":"Application—Superannuation Act 1990","content":"#### 30 Application—Superannuation Act 1990\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1990.","sortOrder":30},{"sectionNumber":"Division 4","sectionType":"division","heading":"Other transitional and saving provisions","content":"An Act relating to the sale of the Snowy Mountains Engineering Corporation Limited, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Snowy Mountains Engineering Corporation Limited Sale Act 1993.\n\n#### 2 Commencement\n\n  (1) Sections 1, 2, 3, 4 and 38 commence on the day on which this Act receives the Royal Assent.\n  (2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.\n  (3) Section 37 of this Act commences on a day to be fixed by Proclamation.\n  (4) A Proclamation may fix a day that is earlier than the day on which the Proclamation is published in the Gazette but only if the day fixed is the sale day.\n  (5) If a provision of this Act does not commence within the period of 2 years beginning on the day on which this Act receives the Royal Assent, it is taken to have been repealed on the day after the period ends.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> DFRDB Act means the Defence Force Retirement and Death Benefits Act 1973.\n\n> employee includes apprentice.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013.\n\n> Long Service Leave Act means the Long Service Leave (Commonwealth Employees) Act 1976 as in force immediately before 9 November 1993.\n\n> Maternity Leave Act means the Maternity Leave (Commonwealth Employees) Act 1973.\n\n> sale day means the day declared under section 4.\n\n> share, in relation to a body corporate, means a share in the body’s share capital.\n\n> SMEC means the body corporate known before the sale day as the Snowy Mountains Engineering Corporation Limited by whatever name called, and in whatever form that body corporate takes, from time to time.\n\n> SMEC body means SMEC or a SMEC subsidiary.\n\n> SMEC subsidiary means a body corporate that is a subsidiary of SMEC.\n\n> SRC Act means the Safety Rehabilitation and Compensation Act 1988.\n\n> Supervisory Mechanisms Act means the Superannuation Benefits (Supervisory Mechanisms) Act 1990.\n\n> voting share has the same meaning as in the Corporations Act 2001.\n\n  (2) For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same manner as that question is determined under the Corporations Act 2001.\n\n#### 4 The sale day\n\n  (1) The Finance Minister must, by notice in the Gazette, declare the day described in subsection (2) to be the sale day.\n  (2) The day to be specified in the notice is the day that, in the opinion of the Finance Minister, is the first day after the commencement of this Part on which a majority of the voting shares in SMEC are acquired by a person, or persons, other than the Commonwealth or a nominee of the Commonwealth.\n  (3) The notice must be published within 14 days after the specified day.\n\n## Part 4—Transitional and saving provisions\n\n### Division 1—Transitional and saving provisions in relation to long service leave\n\n#### 9 Interpretation\n\n  (1) Unless the contrary intention appears, expressions used in this Division that are also used in the Long Service Leave Act have the same respective meanings as in that Act.\n  (2) In this Division:\n\n> combined service period, in relation to an employee, means the total of:\n\n    (a) the period that is, immediately before the sale day, the employee’s period of service for the purposes of the Long Service Leave Act; and\n    (b) the period starting on the sale day during which the employee continues to be an employee of SMEC.\n\n> employee includes a person employed in a full‑time or a part‑time capacity.\n\n> law means:\n\n    (a) a law of the Commonwealth or of a State or Territory; or\n    (b) regulations or any other instrument (other than an award, determination or industrial agreement) made under such a law.\n\n> post‑sale long service leave rights, in relation to an employee, means any long service leave rights an employee acquires under an award, determination, industrial agreement or law (other than this Act) on or after the sale day.\n\n#### 10 Long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC may grant long service leave to an employee whose period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) If, from and after the sale day, the employee continues to be employed by SMEC until his or her combined service period is at least 10 years, SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (5) If:\n    (a) the employee is to stop being an employee of SMEC on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) the employee’s combined service period at the time when he or she is to stop being an employee of SMEC is at least one year;\n  SMEC may grant the employee long service leave on full salary for a period up to the employee’s long service leave credit under subsection 13(1).\n  (6) If a period of long service leave may be granted to an employee under subsection (4) or (5), SMEC may, if the employee asks in writing, grant the employee long service leave on half salary for a period not exceeding twice that first‑mentioned period.\n  (7) Long service leave granted in the circumstances set out in subsection (5) is to be taken so as to end immediately before the employee stops being an employee.\n  (8) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 20 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “section 16 or 17” in that section there were substituted the expression “section 10 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 11 Payments in lieu of long service leave for employees with less than 10 years service\n\n  (1) This section provides that, in certain circumstances, SMEC must pay an amount in respect of long service leave to an employee who has not used all of his or her long service leave credit by taking long service leave under section 10.\n  (2) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (3) This section does not apply in relation to an employee who stops being an employee of SMEC by dying. Section 12 covers those employees.\n  (4) Subject to subsection (7), if the employee stops being an employee of SMEC on or after the day on which his or her combined service period reaches 10 years, SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (5) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC, on or after reaching the minimum retiring age, or because of retrenchment; and\n    (b) at that time, the employee’s combined service period is at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (6) Subject to subsection (7), if:\n    (a) the employee stops being an employee of SMEC; and\n    (b) SMEC is satisfied that the employee left SMEC because of ill health that justified his or her so leaving; and\n    (c) when the employee left, his or her combined service period was at least one year;\n  SMEC must pay him or her an amount equal to full salary in respect of his or her long service leave credit under subsection 13(2).\n  (7) An employee may, by written notice given to SMEC before the employee stops being an employee of SMEC:\n    (a) ask SMEC not to make a payment to the employee under this section; or\n    (b) ask SMEC to make a payment under subsection (4), (5) or (6) of a specified amount that is less than the amount that would otherwise be payable under that subsection.\n  (8) SMEC must comply with a request made under subsection (7).\n  (9) For the purposes of this section, the rate of salary to be used in working out the full salary of an employee is the rate that would be applicable to the employee under section 21 of the Long Service Leave Act if:\n    (a) that section applied to the employee; and\n    (b) for the expression “sections 16 and 17” in that section there were substituted the expression “section 11 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993”.\n\n#### 12 Payments on the death of an employee\n\n  (1) This section applies in relation to a person who was an employee of SMEC immediately before the sale day if, at that time, the employee’s period of service for the purposes of the Long Service Leave Act was less than 10 years.\n  (2) If:\n    (a) on or after the sale day, the employee dies; and\n    (b) immediately before his or her death, the employee was an employee of SMEC; and\n    (c) immediately before his or her death, the employee’s combined service period was at least one year; and\n    (d) immediately before his or her death, the employee had one or more dependants;\n  SMEC must make a payment to a dependant or to 2 or more dependants of the employee.\n  (3) The total amount of the payment or payments is the amount that would have been payable to the employee under section 11 if, on the day of his or her death, the employee had instead stopped being an employee of SMEC on or after reaching the minimum retiring age.\n  (4) If subsection (2) applies, section 23 of the Long Service Leave Act has effect as if:\n    (a) that section applied to an employee of SMEC; and\n    (b) a reference in that section to the approving authority were a reference to SMEC; and\n    (c) the section were further modified as set out in the following table:\n\nTABLE\n\n| Provision                 | Omit this expression      | Insert this expression                                                          |\n| ------------------------- | ------------------------- | ------------------------------------------------------------------------------- |\n| section 23                | this Act                  | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n| subsections 23(2) and (3) | subsection 16(7) or 17(5) | section 12 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993 |\n\n#### 13 Employee’s long service leave credit for the purposes of sections 10 and 11\n\n  (1) For the purposes of section 10, an employee’s long service leave credit is equal to the long service leave credit that the employee would have had under the Long Service Leave Act for the period:\n    (a) starting when the employee started his or her period of service; and\n    (b) ending on the sale day;\n  if the employee had been retrenched on the sale day.\n  (2) For the purposes of section 11, an employee’s long service leave credit is the employee’s long service leave credit worked out under subsection (1), reduced by any long service leave credits used under section 10.\n\n#### 14 Division not to affect an employee’s post‑sale long service leave rights\n\n  To avoid doubt, it is declared that this Division does not affect an employee’s post‑sale long service leave rights.\n\n#### 15 Saving—Long Service Leave Act\n\n  If, immediately before the sale day, the period of service under the Long Service Leave Act of an employee of SMEC was at least 10 years, then:\n    (a) despite the amendment of the Long Service Leave (Commonwealth Employees) Regulations by this Act, the employee’s accrued rights under that Act continue; and\n    (b) that Act has effect after the sale day as if SMEC were the approving authority in relation to the employee for the purposes of that Act.\n\n### Division 2—Transitional and saving provisions relating to the Safety Rehabilitation and Compensation Act 1988\n\n#### 16 Interpretation\n\n  Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.\n\n#### 17 Continued application of SRC Act\n\n  If SMEC stops being a Commonwealth authority for the purposes of the SRC Act, the SRC Act continues to apply in relation to SMEC to the extent, and in the manner, set out in this Division.\n\n#### 18 Transitional provisions relating to the SRC Act that relate to SMEC employees and former SMEC employees\n\n  (1) The SRC Act continues to apply on and after the sale day in relation to:\n    (a) injuries suffered by employees of SMEC before the sale day; and\n    (b) loss of, or damage to, property incurred by employees of SMEC before the sale day;\n  including employees who had stopped being employees of SMEC before the sale day.\n  (2) For the purposes of subsection (1), the SRC Act continues to apply as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) the chief executive officer of SMEC (however described) continues to be the principal officer of a Commonwealth authority.\n\n#### 19 Transitional provisions relating to Division 4A of Part VII of the SRC Act\n\n  (1) On and after the sale day, Division 4A of Part VII of the SRC Act applies to SMEC as if:\n    (a) SMEC continues to be a Commonwealth authority; and\n    (b) SMEC is not required to pay a premium under that Division in respect of that part of a financial year which occurs after the sale day; and\n    (c) the following word and paragraph were added at the end of subsection 96H(1):\n    “; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.\n  (2) If, 60 days after the sale day, an amount of premium payable by SMEC to Comcare in respect of a period before the sale day remains unpaid, the amount is a debt due to the Commonwealth and payable to Comcare.\n\n#### 20 Transitional provision relating to section 128A of the SRC Act\n\n  On and after the sale day, section 128A of the SRC Act continues to apply to SMEC as if SMEC continues to be a prescribed Commonwealth authority for the purposes of that section.\n\n#### 21 Notification of amount of salary etc. paid to employees of SMEC\n\n  The chief executive officer (however described) of SMEC must notify the Commission, within 28 days after the sale day, of the amount of salary, wages or pay paid to employees of SMEC in the period starting on 1 July in the financial year in which the sale day occurs and ending on the day before the sale day.\n\n#### 22 Amendment of declarations under the SRC Act\n\n  (1) A notice published in the Gazette before the sale day that declares SMEC to be a body corporate to which the SRC Act applies for the purposes of paragraph (c) of the definition of Commonwealth authority in subsection 4(1) of the SRC Act has effect from and including the sale day as if it did not contain a reference to SMEC.\n  (2) Subsection (1) does not prevent the declaration, as affected by that subsection, being amended or revoked by the Minister.\n\n### Division 3—Transitional and saving provisions in relation to superannuation and other retirement benefits\n\n#### 23 Saving—deferred benefits under the Superannuation Act 1922\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 119W of the Superannuation Act 1922.\n  (2) For the purposes of Division 3 of Part XA of the Superannuation Act 1922, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part XA of the Superannuation Act 1922.\n\n#### 24 Saving—deferred benefits under the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 139 of the Superannuation Act 1976.\n  (2) For the purposes of Division 3 of Part IX of the Superannuation Act 1976, an employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the Superannuation Act 1976.\n\n#### 25 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 26 Saving—deferred benefits under the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, an employee of a SMEC body was a person to whom deferred benefits were applicable under section 78 of the DFRDB Act.\n  (2) For the purposes of Division 3 of Part IX of the DFRDB Act, the employee is taken to continue in public employment on and after the sale day while the employee continues to be employed by a SMEC body.\n  (3) This section is subject to Division 3 of Part IX of the DFRDB Act.\n\n#### 27 Saving—period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act\n\n  (1) This section applies if, immediately before the sale day, a period of employment of a person by a SMEC body was a period of eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act.\n  (2) Despite employment by a SMEC body having stopped being eligible employment for the purposes of Division 3 of Part IX of the DFRDB Act, the period of employment continues to be a period of eligible employment for the purposes of that Division.\n\n#### 28 Application—Superannuation Act 1922\n\n  On and after the sale day, section 145 of the Superannuation Act 1922 does not apply in relation to SMEC.\n\n#### 29 Application—Superannuation Act 1976\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1976.\n\n#### 30 Application—Superannuation Act 1990\n\n  On and after the sale day, SMEC is not an approved authority for the purposes of the Superannuation Act 1990.\n\n### Division 4—Other transitional and saving provisions\n\n#### 31 Transitional maternity leave provisions relating to employees of SMEC who are not on maternity leave immediately before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) within 12 months after the sale day, the person would have been entitled to begin leave granted under the Maternity Leave Act if SMEC had continued to be a prescribed authority for the purposes of that Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which she would have been entitled to leave as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 32 Transitional maternity leave provisions relating to employees of SMEC who are on maternity leave on or before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) on the sale day, the person is on leave granted under the Maternity Leave Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which the leave was granted as if SMEC continued to be a prescribed authority for the purposes of that Act.\n\n#### 33 Saving—Crimes (Superannuation Benefits) Act 1989\n\n  (1) Subject to subsection (2), if a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee, then, on and after the sale day, the Crimes (Superannuation Benefits) Act 1989 continues to apply in relation to the person in respect of the offence as if SMEC continued to be a Commonwealth authority.\n  (2) A superannuation order may not be made under the Crimes (Superannuation Benefits) Act 1989 in relation to employer contributions or benefits paid or payable to a superannuation scheme by SMEC after the sale day.\n  (3) A superannuation scheme in relation to which employer contributions or benefits are paid or payable by SMEC is not a superannuation scheme for the purposes of the Crimes (Superannuation Benefits) Act 1989 in respect of a corruption offence committed by a person after the sale day.\n  (4) Despite paragraph 19(3)(d) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount paid to the Commonwealth before the sale day by or on behalf of SMEC, belongs to the Commonwealth.\n  (5) If:\n    (a) a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee; and\n    (b) the person was paid benefits before, on or after the sale day out of the Consolidated Revenue Fund;\n  then, despite paragraph 19(4)(b) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount equal to the total benefits paid out of the Consolidated Revenue Fund be paid to the Commonwealth.\n  (6) Unless the contrary intention appears, expressions used in this section that are also used in the Crimes (Superannuation Benefits) Act 1989 have the same respective meanings as in that Act.\n\n#### 34 Saving—DPP Act\n\n  (1) Despite the DPP Act ceasing to apply to certain acts, omissions or proceedings in connection with SMEC because SMEC stops being an authority of the Commonwealth for the purposes of that Act, that Act continues to apply in relation to:\n    (a) acts or omissions that occurred before the sale day; and\n    (b) the taking of civil remedies connected with or arising out of a prosecution that relates to acts or omissions referred to in paragraph (a).\n  (2) In this section:\n\n> DPP Act means the Director of Public Prosecutions Act 1983.\n\n#### 35 Saving—Judiciary Act 1903\n\n  (1) Despite section 36 of this Act, section 55E of the Judiciary Act 1903 continues to apply in relation to:\n    (a) any proceedings to which SMEC is a party that were started before the sale day; and\n    (b) any matter that an authorised person, by signed writing, certifies is a matter in relation to which SMEC gave written instructions before the sale day to the Australian Government Solicitor;\n  as if SMEC were a body established under an Act.\n  (2) A document purporting to be a certificate under subsection (1) is, unless the contrary is established, to be taken to be such a certificate.\n  (3) In this section:\n\n> authorised person means:\n\n    (a) the Secretary of the Attorney‑General’s Department; or\n    (b) an SES employee, or acting SES employee, in that Department.\n\n## Part 5—Other provisions relating to the sale of SMEC\n\n#### 36 SMEC not to be established by or under an Act or established by the Commonwealth\n\n  (1) On and after the sale day, SMEC is not taken for the purposes of a law to be:\n    (a) established by or under an Act; or\n    (b) established by the Commonwealth;\n  unless a law expressly provides otherwise.\n  (3) In subsection (1):\n\n> law means:\n\n    (a) an Act of the Commonwealth or of a State or Territory; and\n    (b) regulations or other instrument made under such an Act.\n\n#### 37 Removal of SMEC’s tax losses\n\n  (1) A loss incurred by SMEC in a year of income ending before the year of income in which the sale day occurs is not allowable as a deduction in a year of income ending on or after the sale day.\n  (2) Subsection (1) has effect despite anything in the Income Tax Assessment Act 1936 and, in particular, former sections 79E, 79EA, 79EB, 79F, 80, 80AAA and 80AA of that Act.\n  (3) Unless the contrary intention appears, expressions used in subsection (1) that are also used in the Income Tax Assessment Act 1936 have the same respective meanings as in that Act.\n  (4) SMEC cannot deduct in the 1997‑98 income year or a later income year a tax loss incurred in an income year ending before the income year in which the sale day occurs.\n  (5) This section has effect despite anything and, in particular, Division 36 and Subdivision 195‑A of the Income Tax Assessment Act 1997.\n  (6) Unless the contrary intention appears, an expression has the same meaning in subsection (4) as in the Income Tax Assessment Act 1997.\n\n#### 38 Exemption from State and Territory taxes and fees\n\n  (1) No tax is payable under a law of a State or a 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  (2) An authorised person may, in writing, certify that:\n    (a) a specified matter or thing is an exempt matter; or\n    (b) a specified thing was 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, a specified exempt matter.\n  (3) A certificate under subsection (2) is, in all courts and for all purposes, evidence of the matter stated in the certificate.\n  (4) In this section:\n\n> authorised person means:\n\n    (a) the Finance Minister; or\n    (b) the Secretary of the Finance Department; or\n    (c) an SES employee, or acting SES employee, in that Department, authorised by the Secretary, in writing, for the purposes of this section.\n\n> exempt matter means:\n\n    (a) the issue or allotment of shares by SMEC to the Commonwealth or another person on or before the sale day; or\n    (b) an agreement between the Commonwealth and another person relating to the sale, issue or allotment of shares in SMEC; or\n    (c) the transfer of shares in SMEC by the Commonwealth or a nominee of the Commonwealth to another person; or\n    (d) the receipt of money (whether before, on or after the sale day) by the Commonwealth, SMEC or another person acting on behalf of the Commonwealth or SMEC from persons who are, on or before the sale day, buying or subscribing for shares in SMEC; or\n    (e) the operation of this Act.\n\n> tax means:\n\n    (a) stamp duty or any other tax; and\n    (b) a fee (other than a fee payable under the Corporations Act 2001);\n  but does not include a tax or fee (other than a fee payable under the Corporations Act 2001) specified in a notice signed by the Finance Minister and published in the Gazette.\n\n#### 39 Regulations connected with the sale of SMEC\n\n  (1) Subsection 48(2) of the Acts Interpretation Act 1901 does not apply to regulations made under any Act that:\n    (a) are connected with the sale of SMEC; and\n    (b) include a declaration that the Governor‑General is satisfied that they are connected with the sale of SMEC; and\n    (c) are expressed to take effect on the sale day.\n  (2) Regulations covered by subsection (1) take effect on the sale day.\n\n#### 40 Cessation of mobility rights\n\n  (1) If Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then that Division stops applying to the employee on the sale day.\n  (2) If Division 4 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then:\n    (a) the Officers’ Rights Declaration Act 1928; and\n    (b) Division 4 of Part IV of the Public Service Act 1922;\n  stop applying to the employee on the sale day.\n\n#### 43 A SMEC body not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990\n\n  (1) A notice published in the Gazette before the sale day that declares a SMEC body to be an eligible body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (2) A notice published in the Gazette before the sale day that declares a SMEC body to be a relevant body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (3) Neither subsection (1) nor (2) prevents the declaration as affected by that subsection being amended or revoked by the Minister.\n  (4) In subsection (3):\n\n> Minister has the same meaning as in the Supervisory Mechanisms Act.","sortOrder":31},{"sectionNumber":"31","sectionType":"section","heading":"Transitional maternity leave provisions relating to employees of SMEC who are not on maternity leave immediately before the sale day","content":"#### 31 Transitional maternity leave provisions relating to employees of SMEC who are not on maternity leave immediately before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) within 12 months after the sale day, the person would have been entitled to begin leave granted under the Maternity Leave Act if SMEC had continued to be a prescribed authority for the purposes of that Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which she would have been entitled to leave as if SMEC continued to be a prescribed authority for the purposes of that Act.","sortOrder":32},{"sectionNumber":"32","sectionType":"section","heading":"Transitional maternity leave provisions relating to employees of SMEC who are on maternity leave on or before the sale day","content":"#### 32 Transitional maternity leave provisions relating to employees of SMEC who are on maternity leave on or before the sale day\n\n  (1) This section applies if:\n    (a) immediately before the sale day, a person was a female employee of SMEC; and\n    (b) on the sale day, the person is on leave granted under the Maternity Leave Act.\n  (2) On and after the sale day, the Maternity Leave Act continues to apply to the person in relation to the confinement in respect of which the leave was granted as if SMEC continued to be a prescribed authority for the purposes of that Act.","sortOrder":33},{"sectionNumber":"33","sectionType":"section","heading":"Saving—Crimes (Superannuation Benefits) Act 1989","content":"#### 33 Saving—Crimes (Superannuation Benefits) Act 1989\n\n  (1) Subject to subsection (2), if a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee, then, on and after the sale day, the Crimes (Superannuation Benefits) Act 1989 continues to apply in relation to the person in respect of the offence as if SMEC continued to be a Commonwealth authority.\n  (2) A superannuation order may not be made under the Crimes (Superannuation Benefits) Act 1989 in relation to employer contributions or benefits paid or payable to a superannuation scheme by SMEC after the sale day.\n  (3) A superannuation scheme in relation to which employer contributions or benefits are paid or payable by SMEC is not a superannuation scheme for the purposes of the Crimes (Superannuation Benefits) Act 1989 in respect of a corruption offence committed by a person after the sale day.\n  (4) Despite paragraph 19(3)(d) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount paid to the Commonwealth before the sale day by or on behalf of SMEC, belongs to the Commonwealth.\n  (5) If:\n    (a) a person who was an employee of SMEC before the sale day committed a corruption offence while such an employee; and\n    (b) the person was paid benefits before, on or after the sale day out of the Consolidated Revenue Fund;\n  then, despite paragraph 19(4)(b) of the Crimes (Superannuation Benefits) Act 1989, an order under that paragraph may only specify that an amount equal to the total benefits paid out of the Consolidated Revenue Fund be paid to the Commonwealth.\n  (6) Unless the contrary intention appears, expressions used in this section that are also used in the Crimes (Superannuation Benefits) Act 1989 have the same respective meanings as in that Act.","sortOrder":34},{"sectionNumber":"34","sectionType":"section","heading":"Saving—DPP Act","content":"#### 34 Saving—DPP Act\n\n  (1) Despite the DPP Act ceasing to apply to certain acts, omissions or proceedings in connection with SMEC because SMEC stops being an authority of the Commonwealth for the purposes of that Act, that Act continues to apply in relation to:\n    (a) acts or omissions that occurred before the sale day; and\n    (b) the taking of civil remedies connected with or arising out of a prosecution that relates to acts or omissions referred to in paragraph (a).\n  (2) In this section:\n\n> DPP Act means the Director of Public Prosecutions Act 1983.","sortOrder":35},{"sectionNumber":"35","sectionType":"section","heading":"Saving—Judiciary Act 1903","content":"#### 35 Saving—Judiciary Act 1903\n\n  (1) Despite section 36 of this Act, section 55E of the Judiciary Act 1903 continues to apply in relation to:\n    (a) any proceedings to which SMEC is a party that were started before the sale day; and\n    (b) any matter that an authorised person, by signed writing, certifies is a matter in relation to which SMEC gave written instructions before the sale day to the Australian Government Solicitor;\n  as if SMEC were a body established under an Act.\n  (2) A document purporting to be a certificate under subsection (1) is, unless the contrary is established, to be taken to be such a certificate.\n  (3) In this section:\n\n> authorised person means:\n\n    (a) the Secretary of the Attorney‑General’s Department; or\n    (b) an SES employee, or acting SES employee, in that Department.","sortOrder":36},{"sectionNumber":"Part 5","sectionType":"part","heading":"Other provisions relating to the sale of SMEC","content":"## Part 5—Other provisions relating to the sale of SMEC","sortOrder":37},{"sectionNumber":"36","sectionType":"section","heading":"SMEC not to be established by or under an Act or established by the Commonwealth","content":"#### 36 SMEC not to be established by or under an Act or established by the Commonwealth\n\n  (1) On and after the sale day, SMEC is not taken for the purposes of a law to be:\n    (a) established by or under an Act; or\n    (b) established by the Commonwealth;\n  unless a law expressly provides otherwise.\n  (3) In subsection (1):\n\n> law means:\n\n    (a) an Act of the Commonwealth or of a State or Territory; and\n    (b) regulations or other instrument made under such an Act.","sortOrder":38},{"sectionNumber":"37","sectionType":"section","heading":"Removal of SMEC’s tax losses","content":"#### 37 Removal of SMEC’s tax losses\n\n  (1) A loss incurred by SMEC in a year of income ending before the year of income in which the sale day occurs is not allowable as a deduction in a year of income ending on or after the sale day.\n  (2) Subsection (1) has effect despite anything in the Income Tax Assessment Act 1936 and, in particular, former sections 79E, 79EA, 79EB, 79F, 80, 80AAA and 80AA of that Act.\n  (3) Unless the contrary intention appears, expressions used in subsection (1) that are also used in the Income Tax Assessment Act 1936 have the same respective meanings as in that Act.\n  (4) SMEC cannot deduct in the 1997‑98 income year or a later income year a tax loss incurred in an income year ending before the income year in which the sale day occurs.\n  (5) This section has effect despite anything and, in particular, Division 36 and Subdivision 195‑A of the Income Tax Assessment Act 1997.\n  (6) Unless the contrary intention appears, an expression has the same meaning in subsection (4) as in the Income Tax Assessment Act 1997.","sortOrder":39},{"sectionNumber":"38","sectionType":"section","heading":"Exemption from State and Territory taxes and fees","content":"#### 38 Exemption from State and Territory taxes and fees\n\n  (1) No tax is payable under a law of a State or a 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  (2) An authorised person may, in writing, certify that:\n    (a) a specified matter or thing is an exempt matter; or\n    (b) a specified thing was 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, a specified exempt matter.\n  (3) A certificate under subsection (2) is, in all courts and for all purposes, evidence of the matter stated in the certificate.\n  (4) In this section:\n\n> authorised person means:\n\n    (a) the Finance Minister; or\n    (b) the Secretary of the Finance Department; or\n    (c) an SES employee, or acting SES employee, in that Department, authorised by the Secretary, in writing, for the purposes of this section.\n\n> exempt matter means:\n\n    (a) the issue or allotment of shares by SMEC to the Commonwealth or another person on or before the sale day; or\n    (b) an agreement between the Commonwealth and another person relating to the sale, issue or allotment of shares in SMEC; or\n    (c) the transfer of shares in SMEC by the Commonwealth or a nominee of the Commonwealth to another person; or\n    (d) the receipt of money (whether before, on or after the sale day) by the Commonwealth, SMEC or another person acting on behalf of the Commonwealth or SMEC from persons who are, on or before the sale day, buying or subscribing for shares in SMEC; or\n    (e) the operation of this Act.\n\n> tax means:\n\n    (a) stamp duty or any other tax; and\n    (b) a fee (other than a fee payable under the Corporations Act 2001);\n  but does not include a tax or fee (other than a fee payable under the Corporations Act 2001) specified in a notice signed by the Finance Minister and published in the Gazette.","sortOrder":40},{"sectionNumber":"39","sectionType":"section","heading":"Regulations connected with the sale of SMEC","content":"#### 39 Regulations connected with the sale of SMEC\n\n  (1) Subsection 48(2) of the Acts Interpretation Act 1901 does not apply to regulations made under any Act that:\n    (a) are connected with the sale of SMEC; and\n    (b) include a declaration that the Governor‑General is satisfied that they are connected with the sale of SMEC; and\n    (c) are expressed to take effect on the sale day.\n  (2) Regulations covered by subsection (1) take effect on the sale day.","sortOrder":41},{"sectionNumber":"40","sectionType":"section","heading":"Cessation of mobility rights","content":"#### 40 Cessation of mobility rights\n\n  (1) If Division 2 or 3 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then that Division stops applying to the employee on the sale day.\n  (2) If Division 4 of Part IV of the Public Service Act 1922 applied to an employee of SMEC immediately before the sale day, then:\n    (a) the Officers’ Rights Declaration Act 1928; and\n    (b) Division 4 of Part IV of the Public Service Act 1922;\n  stop applying to the employee on the sale day.","sortOrder":42},{"sectionNumber":"43","sectionType":"section","heading":"A SMEC body not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990","content":"#### 43 A SMEC body not to be an eligible or relevant body for the purposes of the Superannuation Benefits (Supervisory Mechanisms) Act 1990\n\n  (1) A notice published in the Gazette before the sale day that declares a SMEC body to be an eligible body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (2) A notice published in the Gazette before the sale day that declares a SMEC body to be a relevant body for the purposes of the Supervisory Mechanisms Act has effect on and after the sale day as if it did not contain a reference to a SMEC body.\n  (3) Neither subsection (1) nor (2) prevents the declaration as affected by that subsection being amended or revoked by the Minister.\n  (4) In subsection (3):\n\n> Minister has the same meaning as in the Supervisory Mechanisms Act.","sortOrder":43}],"analysis":{"issue_detection":{"absurdities":[{"type":"circular_definition","section":"3 (definition of 'SMEC') and 4","severity":"medium","reasoning":"The definition of 'SMEC' in s.3(1) uses 'before the sale day' as a temporal qualifier to identify the body corporate, but 'sale day' is defined in s.4 by reference to when shares in 'SMEC' are acquired. This creates a logical loop: you need to know what SMEC is to find the sale day, but the definition of SMEC uses the sale day as a reference point. While practically resolvable by common sense, it is technically circular.","confidence":0.72,"description":"Circular definition of 'SMEC' dependent on 'sale day', which itself depends on SMEC's identity. The definition of SMEC refers to 'the body corporate known before the sale day as the Snowy Mountains Engineering Corporation Limited', yet the sale day is defined as the day a majority of voting shares in SMEC are acquired. SMEC must be identified to determine the sale day, but the definition of SMEC requires reference to the sale day."},{"type":"other","section":"2(3) and 2(4)","severity":"low","reasoning":"The apparent purpose of s.2(4) is to allow retrospective commencement, but the constraint that the retrospective day must be the sale day means the only scenario where backdating is used is where the Proclamation is published after the sale day but declares commencement on the sale day. This is a very narrow and arguably redundant power, since the Minister could simply publish the Proclamation on the sale day itself.","confidence":0.65,"description":"Retrospective Proclamation constrained to equal the sale day creates a near-pointless power. Section 2(4) permits a Proclamation fixing a day earlier than its Gazette publication, but only if that earlier day is the sale day. Since s.37 commences on a day fixed by Proclamation and that day can only be the sale day (if backdated), the backdating power adds no practical flexibility beyond what would exist anyway if the Proclamation simply specified the sale day on the day of publication."},{"type":"other","section":"2(5)","severity":"medium","reasoning":"The 2-year sunset in s.2(5) combined with the sale-day commencement of most operative provisions means that if the Commonwealth delays the sale beyond 2 years, the entire operative machinery of the Act self-destructs. This creates a perverse incentive and could leave transitional obligations (for employees etc.) with no legal foundation if the sale occurs after the 2-year mark.","confidence":0.78,"description":"Self-executing repeal of uncommenced provisions may render obligations under s.4 (the sale day declaration) unenforceable if no sale occurs within 2 years. Section 4 imposes a mandatory obligation on the Finance Minister to declare the sale day, but s.2(5) would repeal s.4 if it has not commenced within 2 years. However, s.4 itself commences on Royal Assent (per s.2(1)), so this tension is less acute for s.4 specifically—but sections 5-36 and 39-44 (commencing on the sale day) would be repealed if no sale occurs within 2 years, potentially leaving the Act as an empty shell with preliminary provisions but no operative content."},{"type":"other","section":"36","severity":"medium","reasoning":"Section 36 contains subsections (1) and (3) but no subsection (2). This is either a drafting error, a deliberate omission due to a later amendment that repealed subsection (2), or a numbering error. Regardless, it creates interpretive uncertainty and the appearance of an incomplete provision.","confidence":0.85,"description":"Missing subsection (2) — section 36 jumps from subsection (1) to subsection (3) with no subsection (2) present in the text. This creates a structural gap and potential legal uncertainty about what was omitted."},{"type":"self_contradicting","section":"37(1) and 37(4)","severity":"medium","reasoning":"Section 37(1) uses ITAA 1936 language and appears to operate indefinitely from the sale day. Section 37(4) specifically targets the 1997-98 income year and later, using ITAA 1997 language. The relationship between the two is managed by ss.(2) and (5) (each overriding the respective Act), but the structural duplication and different drafting approaches risk creating ambiguity about which provision governs in any given year and whether the combined effect is consistent.","confidence":0.68,"description":"Section 37 contains two substantively overlapping but differently worded prohibitions on deducting pre-sale tax losses, one using ITAA 1936 concepts and one using ITAA 1997 concepts, with different operative triggers (ss.37(1) covers losses 'allowable as a deduction'; s.37(4) covers losses that cannot be 'deducted' from 1997-98 onwards). The duplication risks creating interpretive conflict about which regime applies and whether a gap exists for the 1993-94 to 1996-97 income years if s.37(4) only applies from 1997-98."},{"type":"impossible_compliance","section":"10(7)","severity":"low","reasoning":"For leave to end immediately before cessation, it must be granted and commenced before cessation. Yet s.10(5) requires that the employee 'is to stop being an employee' as a precondition for the grant. In practice this is workable (the future cessation is known in advance), but legally the section presupposes knowledge of a future event and requires administrative action in a precise sequence that could be impossible in sudden retrenchment scenarios.","confidence":0.6,"description":"Logical impossibility in taking long service leave 'so as to end immediately before the employee stops being an employee' when the leave is granted in circumstances where the employee is being retrenched or has reached minimum retiring age. Structurally, the leave must be taken before cessation of employment, yet the grant of leave is conditional on the employee already being 'to stop being an employee'. This creates a temporal paradox where the decision to grant leave and the taking of leave must both precede an event that triggers the entitlement."},{"type":"other","section":"12(2)(d)","severity":"medium","reasoning":"The combined service period accrual represents a valuable employment entitlement. Conditioning its transmission entirely on the existence of dependants (rather than allowing payment to the estate) means that a childless, unmarried employee's accrued leave credit is simply forfeited on death. This is logically inconsistent with the Act's general scheme of preserving accrued entitlements and creates inequitable outcomes.","confidence":0.75,"description":"Payment on death is conditioned on the employee having 'one or more dependants' immediately before death. If the employee has no dependants, SMEC has no payment obligation despite the employee having accrued long service leave entitlements. The leave credit simply disappears. This creates an absurd outcome where the estate receives nothing and the credit is extinguished, which is inconsistent with the general treatment of accrued entitlements as a property right."},{"type":"circular_definition","section":"38 (definition of 'exempt matter', paragraph (e))","severity":"low","reasoning":"Paragraph (e) of the 'exempt matter' definition exempts 'the operation of this Act'. Section 38 is part of this Act. Therefore, the operation of s.38 itself (including certifications and transactions under it) is an exempt matter under s.38. This is self-referential but probably intentional drafting to ensure no State tax applies to any aspect of the privatisation process.","confidence":0.55,"description":"The definition of 'exempt matter' includes 'the operation of this Act' as an exempt matter. Since s.38 is itself part of this Act, its own operation is self-referentially an exempt matter, meaning the very certification and exemption process under s.38 is itself exempt from State/Territory taxes. While likely intentional, this creates a self-referential loop where the Act exempts itself from tax."}],"contradictions":[{"severity":"low","section_a":"2(1) (s.38 commences on Royal Assent)","section_b":"38 (definition of 'exempt matter', paragraphs (a) and (d))","confidence":0.65,"description":"Section 38 commences on Royal Assent and exempts from State/Territory tax matters occurring 'on or before the sale day', including receipt of money 'before, on or after the sale day'. The sale day is not known at Royal Assent — it is declared later by the Finance Minister. Therefore, at the time s.38 commences, the temporal boundary of its exemptions (the sale day) is undefined, creating uncertainty about the scope of the exemption from the moment it takes effect."},{"severity":"low","section_a":"17 (SRC Act continues to apply 'if SMEC stops being a Commonwealth authority')","section_b":"18(2) (SRC Act applies as if 'SMEC continues to be a Commonwealth authority')","confidence":0.6,"description":"Section 17 triggers the Division's saving provisions conditionally ('if SMEC stops being a Commonwealth authority'), while s.18(2) then applies the SRC Act as if SMEC 'continues to be a Commonwealth authority'. This creates a structural oddity: the saving provision is activated by SMEC losing Commonwealth authority status, but then operates by pretending that status was never lost. While this is a deliberate legal fiction technique, the conditional trigger in s.17 is potentially redundant given that the sale day itself (which triggers most of the Act) effectively guarantees SMEC will cease to be a Commonwealth authority."},{"severity":"medium","section_a":"33(1) (Crimes (Superannuation Benefits) Act continues to apply for pre-sale offences)","section_b":"33(2) (superannuation order cannot be made re post-sale contributions)","confidence":0.7,"description":"Section 33(1) preserves the full application of the Crimes (Superannuation Benefits) Act 1989 for pre-sale corruption offences, but s.33(2) then restricts the orders available under that continued application by excluding post-sale employer contributions. This means the Act nominally 'continues to apply' but with materially reduced effect, potentially making the savings provision misleading as to the actual remedies available for pre-sale offences where the perpetrator continues employment post-sale."},{"severity":"low","section_a":"35(1) (Judiciary Act s.55E continues to apply despite s.36)","section_b":"36(1) (SMEC not taken to be established by or under an Act on and after sale day)","confidence":0.62,"description":"Section 35 preserves the application of s.55E of the Judiciary Act 1903 'as if SMEC were a body established under an Act' for pre-sale proceedings, expressly operating 'despite section 36'. Section 36 then provides SMEC is not to be taken as established by or under an Act. The express 'despite' carve-out manages this tension, but the two provisions create competing legal characterisations of SMEC's status that could cause confusion in proceedings involving both pre-sale and post-sale matters."},{"severity":"medium","section_a":"24(2) (employees taken to continue in public employment under Superannuation Act 1976)","section_b":"29 (SMEC is not an approved authority for Superannuation Act 1976 from sale day)","confidence":0.67,"description":"Section 24 deems certain SMEC employees to 'continue in public employment' for the purposes of Division 3 of Part IX of the Superannuation Act 1976 after the sale day. Section 29 simultaneously provides that SMEC is not an approved authority for the purposes of the Superannuation Act 1976. The tension arises because the deemed continuation of public employment for deferred benefits purposes operates within a statute where SMEC simultaneously lacks approved authority status, potentially creating administrative gaps in how those deferred benefits are managed or approved."},{"severity":"low","section_a":"10(5) (SMEC 'may' grant long service leave on retrenchment/retirement)","section_b":"11(5) (SMEC 'must' pay in lieu on retrenchment/retirement)","confidence":0.58,"description":"For the same triggering events (retrenchment or reaching minimum retiring age with at least 1 year combined service), s.10(5) gives SMEC a discretion to grant long service leave ('may grant'), while s.11(5) imposes a mandatory obligation to pay in lieu ('must pay'). If SMEC does not exercise its discretion to grant leave under s.10(5), it is nonetheless mandatorily obliged to pay under s.11(5). However, s.11(1) states s.11 applies to employees who have 'not used all of his or her long service leave credit by taking long service leave under section 10', which means if no leave was granted (SMEC chose not to), the full credit remains unpaid under s.11(5) — creating an obligation to pay the full amount in lieu regardless of SMEC's earlier discretionary decision not to grant leave. This is not necessarily contradictory but creates a tension where the discretion in s.10 is effectively negated by the mandatory obligation in s.11."}]},"kimi_summary":{"_metrics":{"completionTokens":704},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose: facilitating the sale of SMEC while protecting employee entitlements. The extensive transitional provisions are necessary to unwind SMEC's status as a Commonwealth authority across multiple legislative frameworks. No significant scope expansion is evident."},"complexity_factors":["Extensive cross-referencing to 10+ other Commonwealth Acts (Superannuation Acts 1922/1976/1990, DFRDB Act, SRC Act, Long Service Leave Act, etc.)","Conditional commencement — most provisions only activate on the 'sale day' declared by the Finance Minister","Nested definitions: 'SMEC body' means SMEC or a 'SMEC subsidiary', which is defined by reference to the Corporations Act 2001","Complex transitional calculations for long service leave credits requiring hypothetical reconstruction of entitlements","Multiple parallel saving provisions for different superannuation schemes with subtly different conditions","Legislative modification tables that rewrite provisions of other Acts by textual substitution","Temporal complexity — different rules apply depending on whether events occurred before, on, or after the sale day"],"plain_english_summary":"**What this legislation does**\n\nThis Act privatises the Snowy Mountains Engineering Corporation Limited (SMEC) — a government-owned engineering company — by allowing the Commonwealth to sell its shares to private buyers. The \"sale day\" is declared by the Finance Minister when a majority of voting shares are acquired by non-government parties.\n\n**Who it affects**\n\n- **SMEC employees**: The Act contains extensive protections for workers during the transition from public to private employment\n- **SMEC and its subsidiaries**: The company ceases to be treated as a Commonwealth body\n- **The Commonwealth**: Loses tax losses previously accumulated by SMEC\n\n**Key protections for employees**\n\nThe Act preserves employee entitlements that existed before privatisation:\n\n- **Long service leave**: Employees with less than 10 years service get transitional arrangements — they can accrue leave until reaching 10 years combined service, or receive payment if they retire, are retrenched, or leave due to ill health (sections 10–15)\n- **Workers' compensation**: Injuries suffered before the sale day remain covered by the Commonwealth's Comcare scheme (sections 16–22)\n- **Superannuation**: Deferred benefits under old Commonwealth schemes (1922, 1976, and Defence Force schemes) are preserved for existing employees (sections 23–30)\n- **Maternity leave**: Women who were pregnant or on maternity leave at the time of sale keep their entitlements (sections 31–32)\n\n**Other important provisions**\n\n- **Tax losses wiped**: SMEC cannot carry forward tax losses from before privatisation to reduce future tax bills (section 37)\n- **Tax exemptions**: State and Territory stamp duties and fees don't apply to share transactions connected with the sale (section 38)\n- **Legal continuity**: Ongoing court proceedings and corruption-related superannuation orders remain valid (sections 33–35)\n- **Public service mobility rights end**: Employees lose the ability to transfer to other Commonwealth public service jobs (section 40)"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"The Act remains tightly focused on its stated purpose: managing the legal consequences of privatising SMEC, including the sale mechanism, employee transitional protections, tax treatment, and removal of SMEC's government status. The extensive transitional and saving provisions are a natural and expected feature of any privatisation legislation of this era — they do not represent scope creep beyond the original intent."},"complexity_factors":["Interaction with at least 12 separate pieces of legislation (e.g., Long Service Leave Act, SRC Act, three Superannuation Acts, DFRDB Act, Maternity Leave Act, Crimes (Superannuation Benefits) Act, DPP Act, Judiciary Act, Income Tax Assessment Acts 1936 and 1997)","Multiple trigger points tied to a floating 'sale day' concept rather than a fixed date, creating timing complexity throughout","Highly granular employee entitlement calculations requiring cross-referencing specific sections of other Acts (e.g., sections 20 and 21 of the Long Service Leave Act as modified and substituted)","Staged commencement provisions — different sections commence on Royal Assent, the sale day, or a separate Proclamation date","Provisions that modify how other Acts apply — treating SMEC 'as if' it remains a Commonwealth authority for some purposes but not others creates parallel legal regimes","Tax loss stripping provisions operating across two different Income Tax Assessment Acts (1936 and 1997) simultaneously","Distinct treatment of employee categories (under 10 years service vs over 10 years, dying employees, retrenched employees, ill employees) with different rules for each","Document appears to contain repeated sections due to formatting/extraction issues, adding significant reading burden"],"plain_english_summary":"## What This Law Does\n\nThis Act manages the **privatisation (sale to private owners) of the Snowy Mountains Engineering Corporation Limited (SMEC)** — a government-owned engineering company that was built on the legacy of the famous Snowy Mountains Hydro-electric Scheme. The Act sets the legal rules for transferring SMEC from Commonwealth (federal government) ownership to private hands.\n\n## Who Does It Affect?\n\n**Most importantly: SMEC employees (past and present).** The bulk of this law is about protecting the rights of workers who were employed by SMEC while it was a government body. Specifically:\n\n- **Long service leave** (paid leave earned after many years of continuous work): Employees who had worked for less than 10 years when SMEC was sold retain credit for their government service time. SMEC must continue to honour long service leave entitlements, payments in lieu (cash instead of leave), and payments to families if an employee dies.\n- **Workers' compensation**: If you were injured or had property damaged while working at SMEC *before* the sale, you can still make claims under the government's workers' compensation scheme (the Safety Rehabilitation and Compensation Act) even after SMEC becomes a private company.\n- **Superannuation (retirement savings)**: Employees with deferred (stored up, not yet paid) superannuation benefits under various government retirement schemes keep those entitlements. However, SMEC itself loses its status as a government-approved authority for future superannuation contributions.\n- **Maternity leave**: Female employees who were pregnant around the time of sale continue to receive government-standard maternity leave entitlements.\n- **Public Service mobility rights**: Government employees who had special rights to move between public service jobs lose those rights on the sale day — SMEC is now a private company.\n\n## Other Key Impacts\n\n- **Tax losses wiped out**: Any tax losses SMEC racked up before the sale *cannot* be carried forward by the new private owners to reduce their future tax bills. This stops buyers from profiting from the government's historical losses.\n- **State taxes exempt**: The share transfer and sale transactions are exempt from state and territory stamp duty and similar taxes — making the deal smoother and cheaper to execute.\n- **SMEC loses its government identity**: After the sale day, SMEC is treated as a regular private company, not a government body, for the purposes of virtually all laws — unless a specific law says otherwise.\n- **Old legal proceedings protected**: Any court cases or prosecutions that started before the sale day continue under the old rules, as if SMEC were still a government body.\n\n## The Bottom Line\n\nThis is a carefully crafted law that allows the Commonwealth to sell SMEC cleanly, while making sure that workers don't lose entitlements they earned while SMEC was a public body, that the new private owners don't get a windfall from old tax losses, and that the sale transaction itself is tax-exempt."}},"importantCases":[],"_links":{"self":"/api/acts/snowy-mountains-engineering-corporation-limited-sale-act-1993","history":"/api/acts/snowy-mountains-engineering-corporation-limited-sale-act-1993/history","analysis":"/api/acts/snowy-mountains-engineering-corporation-limited-sale-act-1993/analysis","conflicts":"/api/acts/snowy-mountains-engineering-corporation-limited-sale-act-1993/conflicts","importantCases":"/api/acts/snowy-mountains-engineering-corporation-limited-sale-act-1993/important-cases","documents":"/api/acts/snowy-mountains-engineering-corporation-limited-sale-act-1993/documents"}}