Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 97, 1993
Compilation No. 17
Compilation date: 6 May 2016
Includes amendments up to: Act No. 47, 2016
Registered: 14 June 2016
About this compilation
This compilation
This is a compilation of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 that shows the text of the law as amended and in force on 6 May 2016 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
1 Short title
2 Commencement
Part 2--General provisions
3 Interpretation
4 Eligible money market corporation
5 Transferring and receiving corporations
6 Object of Act
7 Application of Act
8 Extension of Act to external Territories
9 Transfer of asset etc. not to require consent etc. of third party
10 Exemption from taxes etc.
11 Compensation for acquisition of property
12 Delegation
Part 3--Income tax relief for transfers
Division 1--Preliminary
13 Object of Part
14 Part to be treated as if it were a provision of the income tax law
14A Modified operation of this Part in relation to transfers from subsidiary members of consolidated groups etc.
Division 2--General relief
15 Asset transfers--general
16 Liability transfers--general
Division 3--Securities
17 Securities--adjustment of cost base
Division 4--Capital gains and capital losses
18 Additional roll-over relief
19 For the receiving corporation, asset is taxable Australian property
Division 5--Trading stock
21 Transfers of trading stock
Division 6--Bad debts
22 Deductions for bad debts
Division 7--Interest withholding tax
23 Exemption from interest withholding tax
Division 8--Tax losses
Subdivision B--Tax losses and the Income Tax Assessment Act 1997
26A Application of this Subdivision
26C Deduction for tax loss--easing of restrictions on transferring corporation
Division 9--Continuity of partnerships
27 Transfer of an interest in a partnership does not affect continuity of partnership
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
Financial Corporations (Transfer of Assets and Liabilities) Act 1993 | 97, 1993 | 22 Dec 1993 | 22 Dec 1993 |
|
39, 1997 | 17 Apr 1997 | 1 July 1997 | -- | |
Taxation Laws Amendment Act (No. 2) 1997 | 95, 1997 | 30 June 1997 | s. 4 and Schedule 5 (items 14-16): Royal Assent (a) | s. 4 and Sch. 5 (items 15, 16) |
107, 1997 | 30 June 1997 | Schedule 4 (items 1, 1A): 22 Dec 1996 (b) | s. 2(2A) (ad. by 24, 2000, Sch. 5 [item 2]) | |
as amended by |
|
|
|
|
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 | 24, 2000 | 3 Apr 2000 | Schedule 5 (items 2, 4): 30 June 1997 (c) | -- |
121,1997 | 8 July 1997 | Section 4:Royal Assent (d) | s. 4 and Sch. 5 (item 99) | |
Taxation Laws Amendment Act (No. 1) 1998 | 16, 1998 | 16 Apr 1998 | Schedule 9: Royal Assent (e) | Sch. 9 (item 2) |
Tax Law Improvement Act (No. 1) 1998 | 46, 1998 | 22 June 1998 | Schedule 2 (items 540-545): (f) | s. 4, Sch. 2 (item 545) and Sch. 3 (item 24) |
48, 1998 | 29 June 1998 | Schedule 1 (items 48-63): 1 July 1998 (see Gazette, 1998, No. S316) (g) | -- | |
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 | 54, 1998 | 29 June 1998 | Schedule 18 (item 46): 1 July 1998 (see Gazette 1998, No. S316) (h) | -- |
New Business Tax System (Integrity and Other Measures) Act 1999 | 169, 1999 | 10 Dec 1999 | Schedule 5 (items 16-19): 22 Feb 1999 (i) | -- |
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 | 24, 2000 | 3 Apr 2000 | Schedule 4 (items 1, 3): 1 July 1998 (j) | Sch. 12 (items 1-3) |
Corporations (Repeals, Consequentials and Transitionals) Act 2001 | 55, 2001 | 28 June 2001 | s 4-14 and Sch 3 (items 187-189): 15 July 2001 (s 2(1), (3) and gaz 2001, No S285) | |
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 | 121, 2001 | 24 Sept 2001 | ss. 1-3: Royal Assent | -- |
Financial Corporations (Transfer of Assets and Liabilities) Amendment Act 2002 | 33, 2002 | 30 May 2002 | 1 July 2001 | -- |
New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 | 117, 2002 | 2 Dec 2002 | Sch 14 (items 1, 2): 24 Oct 2002 (s 2(1) item 9) | -- |
New Business Tax System (Consolidation and Other Measures) Act) 2003 | 16, 2003 | 11 Apr 2003 | Sch 20 (items 1-8): 24 Oct 2002 (s 2(1) item 13) | Sch 20 (item 8) |
Australian Prudential Regulation Authority Amendment Act 2003 | 42, 2003 | 24 June 2003 | Schedules 1-3: 1 July 2003 (see Gazette 2003, No. S230) | Sch. 3 |
New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 | 133, 2003 | 17 Dec 2003 | 17 Dec 2003 | Sch. 4 (item 77(3)) |
Tax Laws Amendment (2004 Measures No. 2) Act 2004 | 83, 2004 | 25 June 2004 | Schedule 2 (items 1, 65, 66): Royal Assent | Sch. 2 (items 1, 66) |
New International Tax Arrangements (Managed Funds and Other Measures) Act 2005 | 21, 2005 | 21 Mar 2005 | 21 Mar 2005 | Sch. 3 (item 47(3)) |
Tax Laws Amendment (2005 Measures No. 5) Act 2005 | 162, 2005 | 19 Dec 2005 | Schedule 3 (items 4-7): Royal Assent | Sch. 3 (item 33) |
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 | 101, 2006 | 14 Sept 2006 | Schedule 2 (items 50-79) and Schedule 6 (items 1, 6-11): Royal Assent | Sch. 6 (items 1, 6-11) |
Tax Laws Amendment (2006 Measures No. 4) Act 2006 | 168, 2006 | 12 Dec 2006 | Schedule 3 (items 3-5):13 Dec 2005 | -- |
47, 2016 | 5 May 2016 | Sch 6 (items 6, 7, 19-25): 6 May 2016 (s 2(1) item 8) | Sch 6 (items 19-25) |
(a) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 5 (item 14) only of the Taxation Laws Amendment Act (No. 2) 1997, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(b) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 4 only of the Financial Laws Amendment Act 1997, subsections 2(1) and (2A) of which provide follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2A) Items 1 and 1A of Schedule 4 are taken to have commenced on 22 December 1996.
(c) The Financial Laws Amendment Act 1997 was amended by Schedule 5 (items 2 and 4) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsection 2(5) of which provides as follows:
(5) Items 2 and 4 of Schedule 5 are taken to have commenced on 30 June 1997, immediately after the commencement of section 2 of the Financial Laws Amendment Act 1997.
(d) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 2 (items 38 and 39), Schedule 5 (items 95-98) and Schedule 8 (item 52) only of the Tax Law Improvement Act 1997, subsections 2(1)-(3) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2) Schedule 1 commences on 1 July 1997 immediately after the commencement of the Income Tax Assessment Act 1997.
(3) Each of the other Schedules (except Schedule 12) commences immediately after the commencement of the immediately preceding Schedule.
(e) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 9 only of the Taxation Laws Amendment Act (No. 1) 1998, subsection 2(1) of which provides as follows:
(1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.
(f) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 2 (items 540-544) and Schedule 3 (items 22 and 23) only of the Tax Law Improvement Act (No. 1) 1998, subsections 2(1)-(3) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2) Schedule 2 (except item 3 of it) commences immediately after the commencement of Schedule 1.
(3) Schedule 3 commences immediately after the commencement of Schedule 2 (except item 4 of it).
Schedule 1 commenced on 22 June 1998.
(g) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 1 (items 48-63) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:
(2) Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998 .
(h) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 18 (item 46) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, subsection 2(2)(p) of which provides as follows:
(2) The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998:
(p) Schedule 18, other than the items amending the Australian Prudential Regulation Authority Act 1998.
(i) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 5 (items 16-19) only of the New Business Tax System (Integrity and Other Measures) Act 1999, subsection 2(2) of which provides as follows:
(2) Schedule 5 is taken to have commenced on 22 February 1999.
(j) The Financial Corporations (Transfer of Assets and Liabilities) Act 1993 was amended by Schedule 4 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsections 2(1), (3), (4), (5) (12) and (13) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(3) Items 1 and 3 of Schedule 4 are taken to have commenced on 1 July 1998, immediately after the commencement of items 51 and 58 of Schedule 1 to the Financial Sector Reform (Consequential Amendments) Act 1998.
(4) Items 2, 4, 5, 6, 8, 9, 10 and 11 of Schedule 4 are taken to have commenced on 22 December 1998.
(5) Items 2 and 4 of Schedule 5 are taken to have commenced on 30 June 1997, immediately after the commencement of section 2 of the Financial Laws Amendment Act 1997.
(12) Part 1 of Schedule 12 commences:
(a) after all of the Acts listed in subsection (13) have received the Royal Assent; and
(b) on the day that is the last day on which any of those Acts received the Royal Assent.
(13) These are the relevant Acts for the purposes of paragraph (12)(a):
(a) this Act;
(b) each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.
Provision affected | How affected |
Part 2 |
|
s. 3..................... | am. No. 107, 1997 (as am. by No. 24, 2000); Nos. 46 and 48, 1998; No. 24, 2000; Nos. 55 and 121, 2001; No. 33, 2002; No. 101, 2006 |
s. 4..................... | am. No. 24, 2000; No. 121, 2001 |
s. 6..................... | am. No. 48, 1998; No. 55, 2001 |
s. 7..................... | am. No. 107, 1997; No. 48, 1998; No. 24, 2000; No. 55, 2001; No. 33, 2002 |
s. 10.................... | am. No. 39, 1997 |
s. 12.................... | am. No. 54, 1998; No. 42, 2003 |
Part 3 |
|
Division 1 |
|
s. 13.................... | am. No. 39, 1997 |
s. 14A................... | ad. No. 83, 2004 |
| am. No. 101, 2006 |
Division 2 |
|
s. 15.................... | am. Nos. 39 and 121, 1997; No. 46, 1998; No. 133, 2003; No. 101, 2006; No. 47, 2016 |
s. 16.................... | am. No. 39, 1997; No. 133, 2003; No. 101, 2006 |
Division 3 |
|
s. 17.................... | am. No. 39, 1997; No. 101, 2006 |
Division 4 |
|
s. 18.................... | rs. No. 46, 1998 |
| am. No. 117, 2002 |
s. 19.................... | rs. No. 46, 1998 |
| am. No. 168, 2006 |
s. 20.................... | am. No. 46, 1998; No. 24, 2000; No. 33, 2002; No. 16, 2003 |
| rep. No. 101, 2006 |
Division 5 |
|
s. 21.................... | am. Nos. 39 and 121, 1997; No. 101, 2006 |
Division 6 |
|
s. 22.................... | am. No. 121, 1997; Nos. 16 and 46, 1998; No. 162, 2005; No. 101, 2006 |
Division 7 |
|
s. 23.................... | am. No. 95, 1997; No. 21, 2005 |
Division 8 |
|
Subdivision A............. | rep. No. 101, 2006 |
Subdivision A heading........ | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 24.................... | am. No. 39, 1997; No. 24, 2000; No. 33, 2002 |
| rep. No. 101, 2006 |
s. 25.................... | rep. No. 101, 2006 |
s. 26.................... | am. No. 39, 1997 |
| rep. No. 101, 2006 |
Subdivision B |
|
Subdivision B.............. | ad. No. 39, 1997 |
s. 26A................... | ad. No. 39, 1997 |
s. 26B................... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 26C................... | ad. No. 39, 1997 |
| am. No. 16, 2003; No. 101, 2006 |
Schedule 1 |
|
Schedule 1................ | ad. No. 39, 1997 |
| am. No. 169, 1999; No. 24, 2000; No. 33, 2002; No. 16, 2003 |
| rep. No. 101, 2006 |
Subdivision 170-A |
|
s. 170-1 ........... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-5 ........... | ad. No. 39, 1997 |
| am. No. 16, 2003 |
| rep. No. 101, 2006 |
s. 170-10 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-15 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-20 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-23 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-25 .......... | ad. No. 39, 1997 |
| rs. No. 169, 1999 |
| rep. No. 101, 2006 |
s. 170-28 .......... | ad. No. 39, 1997 /td> |
| rep. No. 101, 2006 |
s. 170-32 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-33 .......... | ad. No. 39, 1997 |
| am. No. 24, 2000; No. 33, 2002 |
| rep. No. 101, 2006 |
s. 170-35 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-50 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-55 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-60 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-65 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-70 .......... | ad. No. 39, 1997 |
| rep. No. 101, 2006 |
s. 170-75........... | ad. No. 16, 2003 |
| rep. No. 101, 2006 |
Schedule 2 |
|
Schedule 2................ | ad. No. 46, 1998 |
| am. No. 169, 1999; No. 24, 2000; No. 33, 2002; No. 16, 2003 |
| rep. No. 101, 2006 |
Part 1 |
|
Part 1 heading............. | ad. No. 16, 2003 |
| rep. No. 101, 2006 |
s. 170-110 ......... | ad. No. 46, 1998 |
| rep. No. 101, 2006 |
s. 170-115 ......... | ad. No. 46, 1998 |
| rep. No. 101, 2006 |
s. 170-120 ......... | ad. No. 46, 1998 |
| rep. No. 101, 2006 |
s. 170-125 ......... | ad. No. 46, 1998 |
| am. No. 169, 1999 |
| rep. No. 101, 2006 |
s. 170-128 ......... | ad. No. 46, 1998 |
| rep. No. 101, 2006 |
s. 170-132 ......... | ad. No. 46, 1998 |
| rep. No. 101, 2006 |
s. 170-133 ......... | ad. No. 46, 1998 |
| am. No. 24, 2000; No. 33, 2002 |
| rep. No. 101, 2006 |
s. 170-135 ......... | ad. No. 46, 1998 |
| rep. No. 101, 2006 |
s. 170-140 ......... | ad. No. 46, 1998 |
| rep. No. 101, 2006 |
s. 170-145 ......... | ad. No. 46, 1998 |
| am. No. 169, 1999 |
| rep. No. 101, 2006 |
Part 2 |
|
Part 2................... | ad. No. 16, 2003 |
| rep. No. 101, 2006 |
s. 170-175.......... | ad. No. 16, 2003 |
| rep. No. 101, 2006 |