Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where, by the terms or conditions upon which any stock or security has been issued by or on behalf of the Commonwealth outside Australia (whether before or after the commencement of this section and whether under this Act or otherwise), the Commonwealth has given an undertaking, howsoever expressed, to the effect that the stock or security, or the principal or interest moneys payable under the stock or security, will be exempt from, free of, or not subject to, taxes imposed in the Commonwealth except where the stock or security is the property of a person included in a particular class of persons consisting of or including all residents of Australia, then, notwithstanding anything contained in any law of the Commonwealth or of a State or Territory, the stock or security, its amount or value, and any principal or interest moneys payable under the stock or security, are not subject to any tax or duty under any such law and shall be disregarded for all purposes in determining the liability of any person to pay tax or duty under any such law or in determining the amount of any such liability, except where the stock or security was, at the time of the act, transaction or event that, according to the provisions of the law imposing the tax or duty, gave rise to liability to the tax or duty, the property of a person included in that particular class of persons.
(1A) Where, by the terms or conditions upon which any stock or security has been issued by or on behalf of the Commonwealth outside Australia (whether under this Act or otherwise), the Commonwealth has given an undertaking, howsoever expressed, to the effect that any amount, including the amount of any commitment fee, payable in respect of the stock or security, in addition to the principal or interest moneys payable under the stock or security, will be exempt from, free of, or not subject to, taxes imposed in the Commonwealth except where the amount is payable to or in respect of a person included in a particular class of persons consisting of or including all residents of Australia, then, notwithstanding anything contained in any law of the Commonwealth or of a State or Territory, the amount so payable is not subject to any tax or duty under any such law and shall be disregarded for all purposes in determining the liability of any person to pay tax or duty under any such law or in determining the amount of any such liability, except where the amount was, at the time of the act, transaction or event that, according to the provisions of the law imposing the tax or duty, gave rise to liability to the tax or duty, payable to or in respect of a person included in that particular class of persons.
(2) In this section:
(a) a reference to stock or to a security shall be read as including a reference to an interest in stock or in a security; and
(b) a reference to tax or duty shall be read as including a reference to withholding tax within the meaning of the Income Tax Assessment Act 1936 - 1968 and to tax or duty in respect of:
(i) the estates of deceased persons;
(ii) property derived from deceased persons; and
(iii) gifts or other dispositions of property.