Commonwealth act

Taxation Laws (Clearing and Settlement Facility Support) Act 2004

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

56 of 2004

Collection

act

Plain English Summary

1/10 complexity

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.

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Current sections

Direct links to the current provisions in Taxation Laws (Clearing and Settlement Facility Support) Act 2004.

Taxation Laws (Clearing and Settlement Facility Support) Act 2004

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View image in the official source

Taxation Laws (Clearing and Settlement Facility Support) Act 2004

No. 56, 2004

An Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes

Contents

1 Short title

2 Commencement

3 No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001

View image in the official source

Taxation Laws (Clearing and Settlement Facility Support) Act 2004

No. 56, 2004

An Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes

[Assented to 27 April 2004]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Taxation Laws (Clearing and Settlement Facility Support) Act 2004.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001

(1) No consequences arise, for the purposes of any Commonwealth laws relating to:

(a) tax for which liability is worked out under the income tax law; or

(b) GST;

in respect of a payment under subsection 891A(1) of the Corporations Act 2001.

(2) This section applies to any payment made after the day the Bill for this Act was introduced into the Parliament.

(3) In this section:

GST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.

income tax law has the same meaning as in the Income Tax Assessment Act 1997.

[Minister’s second reading speech made in—

House of Representatives on 4 December 2003

Senate on 11 February 2004]

(203/03)

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

Taxation Laws (Clearing and Settlement Facility Support) Act 2004

No. 56, 2004

An Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes

Contents

1 Short title

2 Commencement

3 No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001

Taxation Laws (Clearing and Settlement Facility Support) Act 2004

No. 56, 2004

An Act to negate tax consequences relating to payments under section 891A of the Corporations Act 2001, and for related purposes

[Assented to 27 April 2004]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Taxation Laws (Clearing and Settlement Facility Support) Act 2004.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 No tax consequences for payments under subsection 891A(1) of the Corporations Act 2001

(1) No consequences arise, for the purposes of any Commonwealth laws relating to:

(a) tax for which liability is worked out under the income tax law; or

(b) GST;

in respect of a payment under subsection 891A(1) of the Corporations Act 2001.

(2) This section applies to any payment made after the day the Bill for this Act was introduced into the Parliament.

(3) In this section:

GST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.

income tax law has the same meaning as in the Income Tax Assessment Act 1997.

[Minister’s second reading speech made in—

House of Representatives on 4 December 2003