Commonwealth Numbered Acts

COMMONWEALTH BANKS AMENDMENT ACT 1984 No. 76 of 1984 - SECT 29

29. After section 160ABA of the Principal Act the following section is
inserted: Rebate in respect of certain payments by the Commonwealth Savings
Bank of Australia

"160ABB. (1) Where, pursuant to a relevant provision of a Savings Bank
agreement, the Commonwealth Savings Bank of Australia pays an amount (in this
sub-section referred to as the 'relevant amount') that relates to a particular
year of income or to a part of a particular year of income, whether or not the
Bank so pays the relevant amount during that year of income, then-

   (a)  the Bank is entitled in its assessment in respect of income of that
        year of income to a rebate of tax of an amount equal to the relevant
        amount; and

   (b)  notwithstanding any other provision of this Act, a deduction is not
        allowable to the Bank in respect of the relevant amount.



"(2) The reference in sub-section (1) to a relevant provision of a Savings
Bank agreement is a reference to-

   (a)  clause 11 of the agreement (in this sub-section referred to as the
        'New South Wales agreement') that was made on 1 December 1931 between
        the State of New South Wales, the Commissioners of the Government
        Savings Bank of New South Wales and the Commonwealth Savings Bank of
        Australia and a copy of which is set out in the First Schedule to the
        Commonwealth and State Banks Agreements Ratification Act, 1931 of New
        South Wales, being that agreement as amended or affected by-

        (i)    an agreement made on 26 March 1935 between the State of New
               South Wales, the Rural Bank of New South Wales, the
               Commonwealth Savings Bank of Australia and the Commonwealth
               Bank of Australia, a copy of which is set out in the Schedule
               to the Commonwealth and State Banks Agreement Ratification Act,
               1935 of New South Wales;

        (ii)   an agreement made on 29 November 1937 between the State of New
               South Wales and the Commonwealth Savings Bank of Australia, a
               copy of which is set out in the Schedule to the Commonwealth
               and State Bank Agreement Ratification Act, 1937 of New South
               Wales; and

        (iii)  if the first-mentioned agreement has been or is amended or
               affected by any other agreement-that other agreement;

   (b)  clause 9 of the indenture (in this sub-section referred to as the
        'Queensland agreement') that was made on 8 September 1966 between the
        Commonwealth Savings Bank of Australia and the State of Queensland and
        a copy of which is set out in the Schedule to The Commonwealth Savings
        Bank of Australia Agreement Act of 1966 of Queensland, being that
        indenture as amended or affected by-

        (i)    an agreement made on 24 April 1975 between the State of
               Queensland and the Commonwealth Savings Bank of Australia and
               approved by the Governor in Council of Queensland by Order in
               Council dated 24 April 1975; and

        (ii)   if that indenture has been or is affected by any other
               agreement-that other agreement; or

   (c)  if an agreement made in substitution for the New South Wales agreement
        or for the Queensland agreement contains a provision that corresponds
        with clause 11 of the New South Wales agreement or clause 9 of the
        Queensland agreement-that provision of the agreement so made in
        substitution, being that agreement as amended or affected from time to
        time by any other agreement.".