Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The object of this section is to ensure that no taxation consequences (other than those arising under subsections ( 9) and (10)) arise in relation to any person as a result of:
(a) AGL's corporate conversion; or
(b) AGL's registration; or
(c) the operation of any provision of the Conversion Act; or
(d) any action taken under any provision of the Conversion Act.
(2) In resolving any ambiguity as to the meaning of this section, an interpretation that is consistent with the object of this section is to be preferred to an interpretation that is not consistent with that object.
(3) This section only has effect for the purposes of any Commonwealth laws relating to taxation, including, but not limited to:
(a) the income tax law; and
(b) the GST law; and
(c) the fringe benefits tax law; and
(d) the A New Tax System (Australian Business Number) Act 1999 ; and
(e) the Taxation Administration Act 1953 ; and
(f) the International Tax Agreements Act 1953 ; and
(g) the Taxation (Interest on Overpayments and Early Payments) Act 1983 ; and
(h) the Superannuation Guarantee (Administration) Act 1992 ; and
(i) the Superannuation Guarantee Charge Act 1992 .
(4) AGL, corporatised AGL and registered AGL are taken to be, and to have always been, the same company and the same entity.
(5) Subsections ( 6) to (8) do not limit, by implication, any other effects of this section.
(6) No taxation consequences (other than those arising under subsections ( 9) and (10)) are taken to have arisen in relation to any person as a result of:
(a) AGL's corporate conversion; or
(b) AGL's registration; or
(c) the operation of any provision of the Conversion Act; or
(d) any action taken under any provision of the Conversion Act.
(7) The legal and beneficial ownership of:
(a) shares in AGL; and
(b) interests in shares in AGL;
are taken not to have altered as a result of AGL's corporate conversion or AGL's registration. However, this subsection does not imply that those shares are not shares in corporatised AGL or registered AGL.
(8) Anything done by or to:
(a) AGL's Secretary; or
(b) the estate of AGL's Secretary; or
(c) a replacement trustee in respect of the trust created by subclause 4(1)(c) of Schedule 3 to the Conversion Act;
as a result of the operation of clause 4 of Schedule 3 to the Conversion Act is taken to have been done by or to corporatised AGL or registered AGL, as the case may be.
(9) Despite any other provision of this section:
(a) the item 9 of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 that was included in that Act as originally enacted; and
(b) the item of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 that was inserted in that Act by item 7 of Schedule 1 to the Taxation Laws Amendment Act (No. 7) 1999 ;
apply to AGL as if the reference in each of those items of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 to "Schedule 5 to the Company Law Review Act 1998 " were a reference to "Schedule 4 to the Conversion Act".
Note: Item 7 of Schedule 1 to the Taxation Laws Amendment Act (No. 7) 1999 inserted a second item 9 of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 into that Act.
(10) Despite any other provision of this section, any Commonwealth law that:
(a) relates to taxation; and
(b) has a substantially similar effect to an item of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 mentioned in paragraph ( 9)(a) or (9)(b); and
(c) commences after the commencement of this section;
is taken to be modified in such a way as to enable it to apply to AGL and to apply to AGL in that modified form.
(11) In this section:
"AGL" has the same meaning as in the Conversion Act.
"AGL's corporate conversion" means AGL being constituted as a body corporate under the Conversion Act.
"AGL's registration" means corporatised AGL's registration as a public company limited by shares under Part 5B.1 of the Corporations Act 2001 in accordance with the Conversion Act.
"AGL's Secretary" means a person who was the Secretary of AGL under AGL's constitution immediately before AGL's corporate conversion.
"Conversion Act" means the AGL Corporate Conversion Act 2002 of New South Wales.
"corporatised AGL" has the same meaning as in the Conversion Act.
"registered AGL" has the same meaning as in the Conversion Act.
"taxation" means any taxation imposed under a Commonwealth law.
(12) Other expressions mean the same in this section as in the Income Tax Assessment Act 1997 .