Commonwealth Consolidated Acts

QANTAS SALE ACT 1992 - SECT 28

             (1)  Subject to subsection (2), neither Qantas nor a Qantas subsidiary is liable to pay an amount of levy imposed by the Commonwealth Borrowing Levy Act 1987 on a borrowing (whether before or after the commencement of this section) by Qantas or the Qantas subsidiary, as the case may be, from:

                     (a)  if the borrowing is not guaranteed by the Commonwealth under an Act (including this Act) on the substantial minority sale day--the substantial minority sale day; or

                     (b)  if the Commonwealth takes over an obligation in connection with a borrowing under section 16 or 17--the day the Commonwealth takes over the obligation; or

                     (c)  in any other case--the day the borrowing ceases to be guaranteed by the Commonwealth under an Act (including this Act).

             (2)  Subsection (1) does not apply in relation to an amount of levy that was paid or payable before:

                     (a)  if paragraph (1)(a) applies--the substantial minority sale day; or

                     (b)  if paragraph (1)(b) applies--the day the Commonwealth takes over the obligation; or

                     (c)  if paragraph (1)(c) applies--the day the borrowing ceases to be guaranteed by the Commonwealth.