Commonwealth Numbered Acts

FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 No. 97 of 1993 - SECT 23

23.(1) In addition to its effect apart from this section, section 128F of the
Income Tax Assessment Act 1936 also has the effect it would have if the change
set out in subsection (2) of this section were made.

(2) The change is that paragraphs 128F(1)(a) and (b) of the Income Tax 
Assessment Act 1936 are to be replaced by the following paragraphs:

"(a) the liability to pay the interest was transferred to the company by
another company (the 'transferor');

   (b)  the
        Financial Corporations (Transfer of Assets and Liabilities) Act 1993
        applies to the transfer;

   (c)  before the transfer, this section applied to interest paid by the
        transferor in discharge of the liability;

   (ca) the transferor issued the debentures;

   (cb) the debentures were issued on or before 18 June 1993;

   (cc) the interest was not paid in respect of a debenture resulting from a
        'roll-over', after 18 June 1993, of the whole or a part of a previous
        debenture;

   (cd) the interest was not paid in respect of the period of extension of the
        period of a debenture, being an extension occurring after 18 June
        1993;".