Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) To the extent that any of the following constitutes a taxable supply, or a supply that would be input taxed, under the A New Tax System (Goods and Services Tax) Act 1999 , it is instead GST - free:
(a) the initial issue of shares in the Snowy Hydro Company to the Commonwealth, New South Wales and Victoria ;
(b) supplies made on or before the corporatisation date as a result of, or as a result of action taken under, any of the following provisions:
(i) Division 1 or Division 3 of Part 3, Part 4, section 56 or section 60 of this Act;
(ii) section 11, 12, 13, 15, 16 or 53 of the New South Wales Corporatisation Act;
(iii) section 11, 12, 13, 15, 16 or 28 of the Victorian Corporatisation Act.
(2) Nothing in subsection ( 1) results in a progressive or periodic component of a supply being GST - free.
Note: Progressive or periodic components of supplies will continue to be dealt with under the relevant provisions (including section 156 - 5) of the A New Tax System (Goods and Services Tax) Act 1999 as if subsection ( 1) did not apply.