{"id":"C2004A01290","name":"Taxation Laws (Clearing and Settlement Facility Support) Act 2004","slug":"taxation-laws-clearing-and-settlement-facility-support-act-2004","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"56 of 2004","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":436161,"registerId":"C2004A01290-fast-fetch-1775953424137","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Taxation Laws (Clearing and Settlement Facility Support) Act 2004","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\nTaxation Laws (Clearing and Settlement Facility Support) Act 2004\n\n \n\nNo. 56, 2004\n\n \n\n \n\n \n\n \n\n \n\nAn Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes\n\n \n\n \n\n \n\nContents\n\n1 Short title\n\n2 Commencement\n\n3 No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001\n\n \n\n![](image.001.png)\n\n \n\n \n\nTaxation Laws (Clearing and Settlement Facility Support) Act 2004\n\nNo. 56, 2004\n\n \n\n \n\n \n\nAn Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes\n\n[Assented to 27 April 2004]\n\nThe Parliament of Australia enacts:\n\n1  Short title\n\n  This Act may be cited as the Taxation Laws (Clearing and Settlement Facility Support) Act 2004.\n\n2  Commencement\n\n  This Act commences on the day on which it receives the Royal Assent.\n\n3  No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001\n\n (1) No consequences arise, for the purposes of any Commonwealth laws relating to:\n\n (a) tax for which liability is worked out under the income tax law; or\n\n (b) GST;\n\nin respect of a payment under subsection 891A(1) of the Corporations Act 2001.\n\n (2) This section applies to any payment made after the day the Bill for this Act was introduced into the Parliament.\n\n (3) In this section:\n\nGST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.\n\nincome tax law has the same meaning as in the Income Tax Assessment Act 1997.\n\n \n\n \n\n [Minister’s second reading speech made in—\n\nHouse of Representatives on 4 December 2003\n\nSenate on 11 February 2004]\n\n(203/03)\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1702},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose of negating tax consequences for payments under section 891A of the Corporations Act 2001. There is no evidence of scope creep beyond the specific tax treatment of clearing and settlement facility support payments described in the long title."},"complexity_factors":["Only 3 operative sections with minimal text","Single, straightforward operative provision with no exceptions or nested conditions","Only two defined terms, both incorporated by reference from other legislation (Income Tax Assessment Act 1997 and GST Act)","No cross-references beyond the essential Corporations Act citation"],"plain_english_summary":"This law makes emergency payments made by clearing and settlement facilities under section 891A of the Corporations Act tax-neutral: they are not treated as income and do not attract GST. It applies to the facilities and payment recipients and operates retrospectively to payments after the Bill’s introduction. The change removes a tax disincentive for facilities providing liquidity or meeting obligations during market stress."}},"importantCases":[],"_links":{"self":"/api/acts/taxation-laws-clearing-and-settlement-facility-support-act-2004","history":"/api/acts/taxation-laws-clearing-and-settlement-facility-support-act-2004/history","analysis":"/api/acts/taxation-laws-clearing-and-settlement-facility-support-act-2004/analysis","conflicts":"/api/acts/taxation-laws-clearing-and-settlement-facility-support-act-2004/conflicts","importantCases":"/api/acts/taxation-laws-clearing-and-settlement-facility-support-act-2004/important-cases","documents":"/api/acts/taxation-laws-clearing-and-settlement-facility-support-act-2004/documents"}}