Contents

Part I--Preliminary                                                                                                                 1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Interpretation ...................................................................................... 1

3C......... Operation of Act ................................................................................ 2

3D......... Extension to external Territories ......................................................... 2

Part IIIA--Creation of capital structure and other steps prior to conversion of SMEC into a public company                                                                                                                     3

18A....... Share capital of SMEC ....................................................................... 3

18B....... Issue of shares .................................................................................... 3

18C....... SMEC to apply to be registered as company etc. .............................. 4

18D....... New name of SMEC ........................................................................... 5

Part IV--Conversion of SMEC into a public company                                      7

19.......... Effect of Part--summary ................................................................... 7

20.......... SMEC taken to be registered under Companies Act .......................... 7

21.......... Memorandum and articles of SMEC .................................................. 8

22.......... Membership of SMEC ....................................................................... 8

23.......... Application of certain provisions of Companies Act ........................ 8

24.......... Accounting records ............................................................................. 9

25.......... Accounts ............................................................................................. 9

26.......... Operation of section 25B of Acts Interpretation Act ........................ 9

Part VB--Staff matters                                                                                                      10

39G....... Employment of staff members continues after transition ................ 10

39H....... Act not to affect certain matters relating to staff members .............. 10

39J........ Effect of sections 39G and 39H ....................................................... 11

39K....... Variation of terms and conditions of employment .......................... 11

Part VC--Taxation matters                                                                                             12

39M...... Interpretation .................................................................................... 12

39N....... Exemptions relating to exempt matters ............................................ 12

39P........ Authorised person may certify in relation to exemptions ................ 12

39Q....... SMEC taken to have had share capital for purposes of Income Tax Assessment Act            13

Part VII--Miscellaneous                                                                                                   14

51.......... SMEC not public authority etc. ....................................................... 14

52.......... Judicial notice of SMEC's seal ......................................................... 14

53.......... Compensation for acquisition of property ....................................... 14

55.......... Regulations ....................................................................................... 15

Notes                                                                                                                                             17

 

An Act relating to the constitution of SMEC as a public company, and for other purposes

 

Notes to the Snowy Mountains Engineering Corporation Act 1970

Note 1

The Snowy Mountains Engineering Corporation Act 1970 as shown in this consolidation comprises Act No. 39, 1970 amended as indicated in the Tables below.

All relevant information pertaining to application, saving or transitional provisions prior to 14 September 2006 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Snowy Mountains Engineering Corporation Act 1970	39, 1970	24 June 1970	24 June 1970
Snowy Mountains Engineering Corporation Act (No. 2) 1970	125, 1970	11 Nov 1970	11 Nov 1970	--
Salaries Act 1971 (a)	22, 1971	4 May 1971	14 Jan 1971	--
Snowy Mountains Engineering Corporation Act 1973	74, 1973	18 June 1973	18 June 1973	--
Statute Law Revision Act 1973	216, 1973	19 Dec 1973	31 Dec 1973	Ss. 9(1) and 10
Administrative Changes (Consequential Provisions) Act 1978	36, 1978	12 June 1978	12 June 1978	S. 8
Snowy Mountains Engineering Corporation Amendment Act 1985	101, 1985	3 Oct 1985	14 Nov 1985 (see Gazette 1985, No. S461)	S. 9
Statute Law (Miscellaneous Provisions) Act (No. 1) 1986	76, 1986	24 June 1986	S. 3: Royal Assent (b)	S. 9
Government Business Enterprises (Miscellaneous Reforms) Act 1988	123, 1988	14 Dec 1988	Part II (ss. 3‑12): 26 Jan 1989 Part VI (ss. 26‑31): 1 Jan 1989 (see Gazette 1988, No. S399) Part VII (ss. 32‑37): 14 Nov 1988 Remainder: Royal Assent	--
Snowy Mountains Engineering Corporation (Conversion into Public Company) Act 1989	66, 1989	19 June 1989	Ss. 4, 6(1), 7(1), 8‑10,12, 14(2), 15 and 16: 1 July 1989 (see Gazette 1989, No. S223) S. 7(2): 1 July 1989 S. 14(1): 30 June 1989 (see Gazette 1989, No. S223) Remainder: Royal Assent	--
Snowy Mountains Engineering Corporation Limited Sale Act 1993	54, 1993	27 Oct 1993	S. 44: 9 Nov 1993 (see Gazette 1993, No. S334) (c)	--
Statute Law Revision Act 1996	43, 1996	25 Oct 1996	Schedule 2 (item 98): (d)	--
as amended by
Statute Law Revision Act 2002	63, 2002	3 July 2002	Schedule 1 (item 30): (e)	--
Income Tax (Consequential Amendments) Act 1997	39, 1997	17 Apr 1997	Schedule 3 (item 112): (f)	--
Statute Stocktake Act 1999	118, 1999	22 Sept 1999	22 Sept 1999	--
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Schedule 5 (item 137) and Schedule 6 (items 5-11): Royal Assent	Sch. 6 (items 5-11) [see Table A]

 

(a)     The Salaries Act 1971 was repealed by section 7 of the Statute Law Revision Act 1973. That section provides that the repeal does not affect the operation of any amendment made by the repealed Act or any provision made by it for the citation of an Act as so amended.

(b)    The Snowy Mountains Engineering Corporporation Act 1970 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 1) 1986, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

(c)     The Snowy Mountains Engineering Corporation Act 1970 was amended by section 44 only of the Snowy Mountains Engineering Corporation Limited Sale Act 1993, subsection 2(2) of which provides as follows:

                 (2)   Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.

(d)     The Snowy Mountains Engineering Corporation Act 1970 was amended by Schedule 2 (item 98) only of the Statute Law Revision Act 1996, subsection 2(2) of which provides as follows:

                 (2)   Each item in Schedule 2 commences or is taken to have commenced (as the case requires) at the time specified in the note at the end of the item.

         Item 98 is taken to have commenced immediately after the commencement of section 44 of the Snowy Mountains Engineering Corporation Limited Sale Act 1993.

         Section 44 commenced on 9 November 1993 (see Gazette 1993, No. S334).

(e)     The Statute Law Revision Act 1993 was amended by Schedule 1 (item 30) only of the Statute Law Revision Act 2002, subsection 2(1) (item 24) of which provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
24.  Schedule 1, item 30	Immediately after item 98 of Schedule 2 to the Statute Law Revision Act 1996 commenced	9 November 1993

(f)      The Snowy Mountains Engineering Corporation Act 1970 was amended by Schedule 3 (item 112) only of the Income Tax (Consequential Amendments) Act 1997, section 2 of which provides as follows:

                    2   This Act commences on 1 July 1997.

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Title......................................	rs. No. 66, 1989
S. 3......................................	rep. No. 216, 1973
	ad. No. 66, 1989
	am. No. 54, 1993
Ss. 3A, 3B...........................	ad. No. 66, 1989
	rep. No. 54, 1993
Ss. 3C, 3D...........................	ad. No. 66, 1989
S. 4......................................	am. No. 216, 1973
	rs. No. 101, 1985
	rep. No. 66, 1989
S. 5......................................	rep. No. 66, 1989
Part II (s. 6)..........................	rep. No. 66, 1989
S. 6......................................	am. No. 101, 1985; No. 66, 1989
	rep. No. 66, 1989
Ss. 7‑9................................	rep. No. 101, 1985
S. 10....................................	am. No. 125, 1970; No. 22, 1971
	rep. No. 101, 1985
Ss. 11‑14............................	rep. No. 101, 1985
S. 15....................................	am. No. 216, 1973
	rep. No. 101, 1985
S. 16....................................	am. No. 74, 1973; No. 36, 1978
	rep. No. 101, 1985
Heading to Part III.................	am. No. 66, 1989
	rep. No. 43, 1996 (as am. by No. 63, 2002)
S. 17....................................	am. No. 74, 1973; No. 101, 1985; No. 66, 1989
	rep. No. 54, 1993
S. 18....................................	rs. No. 101, 1985; No. 66, 1989
	rep. No. 54, 1993
Part IIIA ............................... (ss. 18A‑18D)	ad. No. 66, 1989
Ss. 18A‑18D.......................	ad. No. 66, 1989
Part IV ................................ (ss. 19‑23)	rep. No. 101, 1985
Part IV ................................ (ss. 19‑29)	ad. No. 101, 1985
Part IV ................................ (ss. 19‑29)	rep. No. 66, 1989
Part IV ................................ (ss. 19‑26)	ad. No. 66, 1989
Ss. 19‑22............................	rs. No. 101, 1985; No. 66, 1989
S. 23....................................	rs. No. 101, 1985; No. 66, 1989
	am. No. 54, 1993
Ss. 24‑26............................	rs. No. 101, 1985; No. 66, 1989
Ss. 27‑29............................	rs. No. 101, 1985
	rep. No. 66, 1989
Part V ................................. (ss. 24‑34)	rep. No. 101, 1985
Part V ................................. (ss. 30‑39)	ad. No. 101, 1985
Part V ................................. (ss. 30‑32, 32A, 33‑35, 38, 38A, 39)	rep. No. 66, 1989
S. 24....................................	rep. No. 101, 1985
Ss. 25, 26............................	am. No. 36, 1978
	rep. No. 101, 1985
S. 27....................................	rs. No. 74, 1973
	am. No. 36, 1978
	rep. No. 101, 1985
S. 28....................................	rep. No. 101, 1985
S. 29....................................	am. No. 36, 1978
	rep. No. 101, 1985
Ss. 30, 31............................	rs. No. 101, 1985
	rep. No. 66, 1989
S. 32....................................	am. No. 74, 1973
	rs. No. 101, 1985; No. 123, 1988
	rep. No. 66, 1989
S. 32A.................................	ad. No. 123, 1988
	rep. No. 66, 1989
S. 33....................................	rs. No. 101, 1985
	am. No. 123, 1988
	rep. No. 66, 1989
Ss. 34, 35............................	rs. No. 101, 1985; No. 123, 1988
	rep. No. 66, 1989
Ss. 36, 37............................	rs. No. 101, 1985
	rep. No. 123, 1988
S. 38....................................	ad. No. 101, 1985
	rep. No. 66, 1989
S. 38A.................................	ad. No. 123, 1988
	rep. No. 66, 1989
S. 39....................................	rs. No. 101, 1985
	am. No. 76, 1986
	rep. No. 66, 1989
Part VA .............................. (ss. 39A‑39F)	ad. No. 66, 1989 rep. No. 54, 1993
Ss. 39A‑39F........................	ad. No. 66, 1989
	rep. No. 54, 1993
Part VB ............................... (ss. 39G‑39L)	ad. No. 66, 1989
Ss. 39G‑39K.......................	ad. No. 66, 1989
S. 39L..................................	ad. No. 66, 1989
	rep. No. 54, 1993
Part VC ............................... (ss. 39M‑39Q)	ad. No. 66, 1989
S. 39M.................................	ad. No. 66, 1989
	am. No. 118, 1999; No. 101, 2006
Ss. 39N‑39Q.......................	ad. No. 66, 1989
Part VI ................................ (ss. 35‑37, 39, 40)	rep. No. 101, 1985
Part VI ................................ (ss. 40‑50)	ad. No. 101, 1985
Part VI ................................ (ss. 40‑44, 44A‑44E, 45‑50)	rep. No. 66, 1989
S. 35....................................	rep. No. 101, 1985
S. 36....................................	am. No. 36, 1978
	rep. No. 101, 1985
S. 37....................................	am. No. 216, 1973
	rep. No. 101, 1985
S. 38....................................	rep. No. 216, 1973
S. 39....................................	rep. No. 101, 1985
S. 39Q.................................	am. No. 39, 1997
S. 40....................................	rs. No. 101, 1985
	rep. No. 66, 1989
Ss. 41‑43............................	ad. No. 101, 1985
	rep. No. 66, 1989
S. 44....................................	ad. No. 101, 1985
	rs. No. 76, 1986
	rep. No. 66, 1989
Ss. 44A‑44E........................	ad. No. 76, 1986
	rep. No. 66, 1989
S. 45....................................	ad. No. 101, 1985
	am. No. 76, 1986
	rep. No. 66, 1989
Ss. 46‑50............................	ad. No. 101, 1985
	rep. No. 66, 1989
Part VII ................................ (ss. 51‑55)	ad. No. 101, 1985
Ss. 51, 52............................	ad. No. 101, 1985
	rs. No. 66, 1989
S. 52A.................................	ad. No. 123, 1988
	rep. No. 66, 1989
S. 53 ...................................	ad. No. 101, 1985
	rs. No. 66, 1989
S. 54....................................	ad. No. 101, 1985
	rs. No. 66, 1989
	rep. No. 54, 1993
Ss. 54A, 54B.......................	ad. No. 66, 1989
	rep. No. 54, 1993
S. 55....................................	ad. No. 101, 1985

Table A

Application, saving or transitional provisions

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006
(No. 101, 2006)

Schedule 6

5  Application of Schedule 5 amendments

The repeals and amendments made by Schedule 5 apply to acts done or omitted to be done, or states of affairs existing, after the commencement of the amendments.

6  Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:

                     (a)  any act done or omitted to be done; or

                     (b)  any state of affairs existing; or

                     (c)  any period ending;

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

7  Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):

                     (a)  making or amending an assessment (including under a provision that is itself repealed or amended);

                     (b)  exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998‑99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.

                   Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998‑99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.

                   The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998‑99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.

                   Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.

                   Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.

Example 2: During the 1997‑98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.

                   Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.

                   Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.

8  Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

9  Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty

If:

                     (a)  a provision or part of a provision that is repealed or amended by this Act provides for the payment of:

                              (i)  general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or

                             (ii)  interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and

                     (b)  in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;

then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.

10  Repeals disregarded for the purposes of dependent provisions

If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.

11  Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901

This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.