Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970 - SECT 29Z

             (1)  This section applies to:

                     (a)  the transferred assets;

                     (b)  the transferred liabilities;

                     (c)  the non‑transferring liabilities (other than the non‑reimbursable liabilities); and

                     (d)  the special non‑transferring assets.

             (2)  It is the intention of the Parliament:

                     (a)  that, on and after the re‑organisation day, the receiving subsidiary should, for income tax purposes, be placed in the same position in relation to the assets and liabilities to which this section applies as the Corporation would have been but for the enactment and operation of this Part; and

                     (b)  that, in relation to the financial year in which the re‑organisation day occurs, the operation of this Part in relation to the assets and liabilities to which this section applies should, for income tax purposes, be revenue neutral, that is to say, that no assessable income, deduction, capital gain or capital loss should be derived, allowed or incurred, or should accrue, by or to the Corporation or the receiving subsidiary in relation to those assets and liabilities in relation to that year merely because of the enactment and operation of this Part.

             (3)  So far as it is necessary to achieve that intention:

                     (a)  this Part (other than this section) shall be taken not to have been enacted and the operation of this Part (other than this section) shall be disregarded;

                     (b)  the receiving subsidiary shall be taken to be, and always to have been, the Corporation;

                     (c)  deductions that would have been allowable to the Corporation but for the enactment and operation of this Part shall be taken to be allowable to the receiving subsidiary, and not to the Corporation; and

                     (d)  the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 shall be applied as if any necessary modifications had been made by this Act.

             (4)  Nothing in any other provision of this Part is to be taken by implication to limit the operation of this section.