Telecommunications and Postal Services (Transitional Provisions and Consequential Amendments) Act 1989
Division 1Interpretation
Start here
Get a plain-English read of Division 1
Turn the raw legal text into a practical explanation grounded in Telecommunications and Postal Services (Transitional Provisions and Consequential Amendments) Act 1989.
An Act to enact certain transitional provisions, make certain amendments, and effect certain repeals, in consequence of the enactment of the Telecommunications Act 1989, the Australian Postal Corporation Act 1989 and the Australian Telecommunications Corporation Act 1989, and for other purposes
Part 1—Preliminary
1 Short title
This Act may be cited as the Telecommunications and Postal Services (Transitional Provisions and Consequential Amendments) Act 1989.
2 Commencement
(1) Subject to this section, this Act commences on a day or days to be fixed by Proclamation.
(2) Sections 1 and 2 commence on the day on which this Act receives the Royal Assent.
(4) If a provision of this Act (other than section 1 or 2) does not commence under subsection (1) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.
Part 9—Transitional provisions, amendments and repeals relating to Australia Post
Division 1—Interpretation
60 Interpretation—definitions
In this Part:
commencing day means the day on which the new Act commences.
new Act means the Australian Postal Corporation Act 1989.
previous Act means the Postal Services Act 1975.
61 Interpretation—expressions used in new Act
Unless the contrary intention appears, expressions used in this Part, and in the new Act, have the same respective meanings as in that Act.
Division 2—Taxation matters
62 Stamp duty not payable in relation to certain property etc.
(1) Stamp duty or similar tax is not payable by Australia Post under a law of a State or Territory in relation to property:
(a) acquired by Australia Post before the commencing day; or
(b) constructed by Australia Post before the commencing day.
(2) Without limiting subsection (1), stamp duty or similar tax is not payable under a law of a State or Territory on the registration under a law of the State or Territory of a motor vehicle acquired by Australia Post before the commencing day.
63 Stamp duty not payable in relation to certain transactions
Stamp duty or similar tax is not payable by Australia Post under a law of a State or Territory in relation to a transaction entered into by it before the commencing day.
64 Stamp duty not payable in relation to certain securities etc.
Stamp duty or any similar tax is not payable under a law of a State or Territory in relation to:
(a) a security issued by Australia Post before the commencing day;
(b) the issue, redemption, transfer, sale or purchase of such a security (other than a transaction entered into without consideration or for an inadequate consideration); or
(b) any document executed by or on behalf of Australia Post, or any transaction, in relation to money borrowed by Australia Post before the commencing day.
65 Commencement of Australia Post’s liability to pay income tax
Income derived by Australia Post in a year of income commencing before 1 July 1990 is exempt income for the purposes of the Income Tax Assessment Act 1936.
66 Value of trading stock for income tax purposes
(1) For the purpose of ascertaining under Subdivision B of Division 2 of Part III of the Income Tax Assessment Act 1936 the value to be taken into account at the beginning of the year of income commencing on 1 July 1990 in relation to Australia Post’s trading stock on hand at that time, Australia Post may, in accordance with subsection (2), exercise any option, and give any notice, in relation to the value of its trading stock on hand at the end of the preceding year of income.
(2) The option or notice:
(a) shall be exercised or given in writing to the Commissioner of Taxation; and
(b) shall be lodged with the Commissioner of Taxation on or before the day of lodgment of Australia Post’s return of income for the year of income commencing on 1 July 1990, or before such later day as the Commissioner of Taxation allows.
(3) If Australia Post does not exercise an option under subsection (1) in relation to particular trading stock, the value to be taken into account in accordance with the subsection in relation to that trading stock shall be the cost price.
(4) If Australia Post, under Subdivision B of Division 2 of Part III of the Income Tax Assessment Act 1936, adopts cost price as the basis of valuation in relation to any of its trading stock on hand at the end of the year of income commencing on 1 July 1990 that was on hand at the end of the preceding year of income, the cost price of that trading stock shall be taken to be equal to the value at which the trading stock was taken into account in accordance with subsection (1).
67 Accelerated depreciation not available for income tax purposes
Section 57AL of the Income Tax Assessment Act 1936, as in force immediately after the commencement of section 38 of the Taxation Laws Amendment Act (No. 4) 1988, does not apply in relation to any unit of property of Australia Post.
68 Transitional provisions for capital gains tax
(1) Where:
(a) Australia Post owns an asset at the end of 30 June 1990 (in this subsection called the “changeover time”); and
(b) the market value of the asset at the changeover time is greater than the amount that would be the indexed cost base to Australia Post in relation to the asset if Australia Post disposed of the asset at that time;
the following provisions have effect for the purpose of ascertaining under Part IIIA of the Income Tax Assessment Act 1936 whether a capital gain accrues in the event of a subsequent disposal of the asset by it:
(c) Australia Post shall be taken to have disposed of the asset at the changeover time for a consideration equal to the amount of that indexed cost base;
(d) Australia Post shall be taken to have immediately re-acquired the asset for a consideration equal to the market value of the asset at the changeover time;
(e) the reference in subsection 160Z(3) of the Income Tax Assessment Act 1936 to the day on which the asset was acquired by the taxpayer shall be taken to be a reference to the day on which the asset was actually acquired by Australia Post.
(2) If the asset is disposed of within 12 months of its actual acquisition by Australia Post, subsection (1) has effect as if the references in that subsection to the indexed cost base to Australia Post in relation to the asset were references to the cost base to Australia Post in relation to the asset.
(3) Where:
(a) Australia Post owns an asset at the end of 30 June 1990 (in this subsection called the “changeover time”); and
(b) the market value of the asset at the changeover time is less than the amount that would be the reduced cost base to Australia Post in relation to the asset if Australia Post disposed of the asset at that time;
the following provisions have effect for the purpose of ascertaining under Part IIIA of the Income Tax Assessment Act 1936 whether Australia Post incurred a capital loss in the event of a subsequent disposal of the asset by it:
(c) Australia Post shall be taken to have disposed of the asset at the changeover time for a consideration equal to the amount of that reduced cost base;
(d) Australia Post shall be taken to have immediately re-acquired the asset for a consideration equal to the market value of the asset at the changeover time.
(4) Expressions used in this section, and in Part IIIA of the Income Tax Assessment Act 1936, have the same respective meanings as in that Part.
Division 3—Non-taxation matters
69 Certain existing liabilities to the Commonwealth
Subject to any regulations made under the new Act, section 74 of the previous Act, as in force immediately before the commencement of this Part, continues to have effect as if the previous Act had not been repealed.
72 Employment of staff members to continue
Each person who, immediately before the commencing day, was an employee of Australia Post continues to be employed by it as if the person had been engaged under section 89 of the new Act.
73 Unclaimed amounts
(1) Amounts paid into the Unclaimed Moneys Fund kept by Australia Post under section 107 of the previous Act shall be dealt with as if they had been paid into the Unclaimed Money Fund kept under section 98 of the new Act.
(2) Amounts paid into the Consolidated Revenue Fund under section 107 of the previous Act shall be dealt with as if that Act had not been repealed.
Part 10—Transitional provisions, amendments and repeals relating to Telecom
Division 1—Interpretation
76 Interpretation—definitions
In this Part:
commencing day means the day on which the new Act commences.
new Act means the Australian Telecommunications Corporation Act 1989.
previous Act means the Telecommunications Act 1975.
77 Interpretation—expressions used in new Act
Unless the contrary intention appears, expressions used in this Part, and in the new Act, have the same respective meanings as in that Act.
Division 3—Non-taxation matters
85 Certain existing liabilities to the Commonwealth
Subject to any regulations made under the new Act, section 71 of the old Act, as in force immediately before the commencement of this Part, continues to have effect as if the previous Act had not been repealed.
88 Employment of staff members to continue
Each person who, immediately before the commencing day, was an employee of Telecom continues to be employed by it as if the person had been engaged under section 85 of the new Act.