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Wednesday, 4 December 1985
Page: 2958

Senator WALSH (Minister for Finance)(9.37) —I have just checked with officials from the Australian Taxation Office. They have confirmed my understanding that the Bill-the Act as it will become-will become operative on the first day of the month following the royal assent. That refers to all sections of the Act apart from section 5, which apparently is different. Clause 2 (2) of the Bill states that section 5 of the Act shall be deemed to have come into operation on 1 July 1969. Clause 2 (1) states:

. . . this Act shall come into operation on the first day of the month next following the month in which it receives the Royal Assent.

Given that, in my layman's opinion, which has been confirmed by the Taxation Office officials, section 8 is wholly prospective. It will come into operation, assuming the Bill gets the royal assent within a week or so, on 1 January 1986.