13DNo Commonwealth tax consequences for certain transfers of assets and liabilities etc.

13D No Commonwealth tax consequences for certain transfers of assets and liabilities etc.

(1) No consequences arise, for the purposes of a prescribed law of the Commonwealth relating to taxation, in respect of: (a) a federal tax‑exempt matter; or (b) anything done (including, for example, a transaction entered into or an instrument or document made, executed, lodged or given) because of, or arising out of, a federal tax‑exempt matter. (2) In this Act:

federal tax‑exempt matter means a transfer of assets or liabilities that the Commonwealth Minister and the Treasurer are satisfied is made:

(a) for the purpose of ensuring that a person does not carry on a business of producing, purchasing or selling natural gas in breach of:
(i) a State/Territory gas law; or
(ii) the National Gas (Commonwealth) Law; or
(iii) the National Gas (Commonwealth) Regulations; or
(iv) the Offshore Western Australian Pipelines (Commonwealth) Law; or
(v) the Offshore Western Australian Pipelines (Commonwealth) Regulations; or
(b) for the purpose of the separation of certain activities from other activities of a person as required by:
(i) a State/Territory gas law; or
(ii) the National Gas (Commonwealth) Law; or
(iii) the National Gas (Commonwealth) Regulations; or
(iv) the Offshore Western Australian Pipelines (Commonwealth) Law; or
(v) the Offshore Western Australian Pipelines (Commonwealth) Regulations;

and for no other purpose. (3) In paragraph (a) of the definition of federal tax‑exempt matter in subsection (2), natural gas has the same meaning as in the National Gas Law set out in the Schedule to the National Gas (South Australia) Act 2008 of South Australia.