New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 (133 of 2003)

Schedule 4   Foreign currency

Part 2   Transitional provisions

77   Transitional - Division 3B of Part III of the Income Tax Assessment Act 1936

 

(1) Despite the repeal of Division 3B of Part III of the Income Tax Assessment Act 1936 by this Schedule, that Division continues to apply:

(a) in relation to an eligible contract entered into before the applicable commencement date (within the meaning of Division 775 of the Income Tax Assessment Act 1997); or

(b) for the purposes of working out the assessable income or allowable deductions of an ADI or a non-ADI financial institution (within the meaning of the Income Tax Assessment Act 1997);

as if that repeal had not happened.

Note: For applicable commencement date , see section 775-155 of the Income Tax Assessment Act 1997.

      

(2) Despite the following amendments:

(a) the amendment of subsection 20-30(2) of the Income Tax Assessment Act 1997 by this Schedule;

(b) the amendment of subsection 170(10) of the Income Tax Assessment Act 1936 by this Schedule;

subsection 20-30(2) of the Income Tax Assessment Act 1997 and subsection 170(10) of the Income Tax Assessment Act 1936 continue to apply, in relation to the former Division 3B of Part III of the Income Tax Assessment Act 1936, as if those amendments had not been made.

      

(3) Despite the amendments made by this Schedule that omit references to sections 82Y and 82Z of the Income Tax Assessment Act 1936 from sections 15 and 16 of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993, sections 15 and 16 of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 continue to apply, in relation to the former sections 82Y and 82Z of the Income Tax Assessment Act 1936, as if those amendments had not been made.