Explanatory Memorandum(Circulated by the authority of the Treasurer, the Hon Peter Costello, MP)
Schedule 3 - Consequential amendments
Australian Prudential Regulatory Authority Act 1998
6.1 One amendment is made to reflect the change in name of the FSTBA.
Financial Sector (Transfers of Business) Act 1999
6.2 To reflect the extended scope of the FSTBA, it will be re-named the Financial Sector (Business Transfer and Group Restructures) Act 1999 . Other consequential amendments are made to reflect the extended scope of the FSTBA.
Income Tax Assessment Act 1997
6.3 Two consequential amendments are made to the Income Tax Assessment Act 1997 (ITAA) to reflect the change in name of the Financial Sector (Transfers of Business) Act 1999 . That Act will now become the Financial Sector (Business Transfer and Group Restructure) Act 1999 . [ Schedule 3, items 10 and 11, sections 320-300 and 320-305 ]
6.4 Other consequential amendments to the ITAA 1997 ensure that the consolidation tax cost setting rules and general value shifting regime apply appropriately to preference shares that are disregarded for the purpose of applying the consolidation membership rules following an ADI restructure. These amendments mirror those applying to employee share schemes, which are also disregarded for consolidation membership purposes. [ Schedule 3, items 12 to 24, sections 703-30, 705-85, 707-325, 709-80, 711-45 and 715-615 ]
Life Insurance Act 1995
6.5 One amendment is made to reflect the change in name of the FSTBA.