75Application of the Income Tax Assessment Act 1936 in relation to certain transfers

75 Application of the Income Tax Assessment Act 1936 in relation to certain transfers

(1) This section applies if an asset, liability, right or obligation is transferred from a CFM body to a specified transferee under this Part or by another means: (a) in the case of a transferred body—after the day on which all of the shares in the CFM subsidiary in question are transferred by CFM to the Commonwealth in accordance with the Minister’s direction under section 7, but on or before the body’s sale day; or (b) in the case of CFM—after the day on which all of the shares in Total Risk Management Pty. Limited are transferred by CFM to the Commonwealth in accordance with the Minister’s direction under section 7, but on or before CFM’s sale day.

Note: Total Risk Management Pty. Limited was a subsidiary of CFM when this Act received the Royal Assent.

(2) The Income Tax Assessment Act 1936 applies to the CFM body and the specified transferee as if: (a) the specified transferee had acquired the asset, liability, right or obligation at the time when, and in the circumstances in which, the CFM body acquired the asset, liability, right or obligation; and (b) the specified transferee had treated and dealt with the asset, liability, right or obligation in the way that the CFM body treated and dealt with the asset, liability, right or obligation; and (c) the CFM body had never acquired or disposed of the asset, liability, right or obligation. (3) Subsection (2) does not affect the application of the Income Tax Assessment Act 1936 in relation to anything that happened in relation to the asset, liability, right or obligation before it was transferred from the CFM body to the specified transferee. (4) Subsection (2) does not affect the nature or effect of the transfer for a purpose other than a purpose of the Income Tax Assessment Act 1936.