Commonwealth Numbered Acts

FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 No. 97 of 1993 - SECT 17

17.(1) If:

   (a)  a security is transferred; and

   (b)  either:

        (i)    one or more amounts (other than periodic interest) are or were
               included in the transferring corporation's assessable income
               under section 25 or Division 16E of Part III of the
               Income Tax Assessment Act 1936 in respect of the security; or

        (ii)   one or more amounts (other than periodic interest) are or were
               allowable as deductions to the transferring corporation under
               section 51 or Division 16E of Part III of the
               Income Tax Assessment Act 1936 in respect of the security; that
               Act has effect as if the amount that, apart from this
               subsection, would have been the consideration paid or given by
               the receiving corporation in respect of the acquisition of the
               security as the result of the transfer were:

   (c)  increased by the amount, or the sum of the amounts, covered by
        subparagraph (b)(i); and

   (d)  reduced by the amount, or the sum of the amounts, covered by
        subparagraph (b)(ii). Adjustment where liability under security is
        transferred

(2) If:

   (a)  a liability under a security is transferred; and

   (b)  one or more amounts (other than periodic interest) are or were
        allowable as deductions to the transferring corporation under section
        51 or Division 16E of Part III of the Income Tax Assessment Act 1936
        in respect of the security; that Act has effect as if the amount that,
        apart from this subsection, would have been the consideration paid or
        given to the receiving corporation in respect of the assumption of the
        liability as the result of the transfer were increased by the amount,
        or the sum of the amounts, covered by paragraph (b). Definitions

(3) In this section:

"periodic interest" has the same meaning as in Division 16E of Part III of the
Income Tax Assessment Act 1936;

"security" has the same meaning as in Division 16E of Part III of the Income 
Tax Assessment Act 1936 .