21Exemptions from certain taxes and charges

#### 21 Exemptions from certain taxes and charges (1) Tax is not payable under a law of the Commonwealth or of a State or Territory in respect of: (a) the operation or effect of this Act or of any complementary legislation in its application to the vesting of the business of a transferring bank in the relevant receiving bank; or (b) anything done for a purpose connected with, or arising out of, that operation or effect. (2) In its application to BNZ Savings and BNZ, subsection (1) only applies to the business of BNZ Savings that relates to its Australian operations. (3) In subsection (1): > complementary legislation includes parallel New Zealand legislation. > tax does not include: (a) any tax assessed under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997; or (b) any fee or tax prescribed by the Corporations Regulations of the Australian Capital Territory, of the Northern Territory or of any State other than Western Australia; or (c) any fee prescribed by the Corporations Regulations of Western Australia or any tax imposed by the Corporations (Taxing) Act 1990 of Western Australia.