Commonwealth Numbered Acts

FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 No. 97 of 1993 - SECT 24

24.(1) In addition to its effect apart from this section, section 80G of the
Income Tax Assessment Act 1936 also has the effect it would have if all of the
changes set out in subsections (2), (3) and (4) of this section were made.

(2) The first change is that paragraphs 80G(6)(a), (b) and (ba) of the
Income Tax Assessment Act 1936 are to be replaced by the following paragraphs:

"(a) assuming that:

        (i)    an asset (within the meaning of the Financial Corporations 
               (Transfer of Assets and Liabilities) Act 1993 ) had been
               transferred by a transferring corporation within the meaning of
               that Act (the 'loss company') to a receiving corporation within
               the meaning of that Act (the 'income company') on the last day
               of a particular year of income of the loss company (the
               'notional transfer year'); and

        (ii)   the requirements of paragraphs 7(6)(a) and (b) of that Act were
               satisfied in relation to that transfer; that Act would have
               applied to that transfer; and

   (b)  the loss company is taken to have incurred a loss for the purposes of
        section 79E or 80 in a year of income (the 'loss year'); and

   (ba) the loss year is:

        (i)    the year of income in which that Act commenced; or

        (ii)   an earlier year of income; and

   (bb) both the following conditions are satisfied in relation to a year of
        income (the 'income year') of the income company:

        (i)    either:

                (A)  the income year ends at the end of the notional transfer
                     year; or

                (B)  the income year corresponds to the year of income of the
                     loss company next following the notional transfer year;

        (ii)   the income year is:

                (A)  the year of income in which that Act commenced; or

                (B)  one of the 5 following years of income; and".

(3) The second change is that paragraphs 80G(6)(d) and (e) and subsections
80G(7), (8), (10) and (14) of the Income Tax Assessment Act 1936 are to be
omitted.

(4) The third change is that paragraphs 80G(6)(f) and (g) of the Income Tax 
Assessment Act 1936 are to be replaced by the following paragraphs:

"(f) if the loss year is the same year of income as the income year-the year
of income immediately preceding the loss year; or

   (g)  if the income year is a year of income later than the loss year-the
        loss year.".