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Snowy Hydro Corporatisation Amendment Bill 2003
Schedule 1 Snowy Hydro Corporatisation Act 1997

   

1  At the end of subsection 49(1)

Add:

Note:          Section 177-5 of the A New Tax System (Goods and Services Tax) Act 1999 cancels the effect of this section in respect of the GST. Section 49A of this Act deals with supplies that are GST-free.

Note:       The heading to section 49 is altered by adding at the end “ (other than GST) ”.

2  After section 49

Insert:

49A   GST-free supplies

             (1)  To the extent that any of the following constitutes a taxable supply, or a supply that would be input taxed, under the A New Tax System (Goods and Services Tax) Act 1999 , it is instead GST-free:

                     (a)  the initial issue of shares in the Snowy Hydro Company to the Commonwealth, New South Wales and Victoria;

                     (b)  supplies made on or before the corporatisation date as a result of, or as a result of action taken under, any of the following provisions:

                              (i)  Division 1 or Division 3 of Part 3, Part 4, section 56 or section 60 of this Act;

                             (ii)  section 11, 12, 13, 15, 16 or 53 of the New South Wales Corporatisation Act;

                            (iii)  section 11, 12, 13, 15, 16 or 28 of the Victorian Corporatisation Act.

             (2)  Nothing in subsection (1) results in a progressive or periodic component of a supply being GST-free.

Note:          Progressive or periodic components of supplies will continue to be dealt with under the relevant provisions (including section 156-5) of the A New Tax System (Goods and Services Tax) Act 1999 as if subsection (1) did not apply.