Unless the contrary intention appears, expressions used in this Division that are also used in the SRC Act have the same respective meanings as in that Act.

In this Division:

SRC Act means the Safety, Rehabilitation and Compensation Act 1988.

The SRC Act continues to apply after the transfer time in relation to:

For the purposes of subsection (1), the SRC Act continues to apply as if:

After the transfer time, Division 4A of Part VII of the SRC Act applies to the Bank body as if:

If an amount of premium payable by the Bank body in respect of a period before the transfer time remains unpaid, the amount is a debt due to the Commonwealth by the Bank body and is payable to Comcare.

If the Bank body has paid a licence fee under section 107R of the SRC Act in respect of the licence fee year in which the transfer time occurs, then the Bank body is entitled to be paid a refund of the amount worked out using the following formula:

where:

Number of refund days means the total number of days in the period beginning at the transfer time and ending on the last day of the licence fee year in which the transfer time occurs.

In this section:

licence fee year means the year beginning on the date of commencement of a licence granted under section 107J of the SRC Act and ending on the day before the anniversary of that date.

(1) If a notice was published in the Gazette before the transfer time declaring the Bank body to be a body corporate to which the SRC Act applies for the purposes of the definition of Commonwealth authority in subsection 4(1) of the SRC Act, then the notice has effect after the transfer time as if it did not contain a reference to the Bank body.

Subsection (1) does not, by implication, prevent the amendment or revocation of the notice.

This section applies to a Bank body that was a Commonwealth authority for the purposes of the SRC Act immediately before the transfer time.

The chief executive officer (however described) of the Bank body must notify the Commission, within 28 days after the transfer time, of the amount of salary, wages or pay paid to employees of the Bank body in the period starting on 1 July in the financial year in which the transfer time occurred and ending at the transfer time.

This section applies if, immediately before the transfer time, an employee of a Bank body was a person to whom deferred benefits were applicable under section 78 of the DFRDB Act.

For the purposes of Division 3 of Part IX of the DFRDB Act, the employee is taken to continue in public employment, after the transfer time, so long as the employee continues to be employed by a Bank body.

This section is subject to Division 3 of Part IX of the DFRDB Act.

(1) In applying Subdivision 165-C or 166-C of the Income Tax Assessment Act 1997 to decide whether a Bank body can deduct an amount for a bad debt in the year of income in which the completion time occurred, or in a later year of income, it must be assumed that the persons who beneficially owned the shares in the Commonwealth Bank immediately after the completion time were also the beneficial owners of the shares at all times before the completion time.

In this section:

completion time means the time when the Commonwealth ceases to be a shareholder in the Commonwealth Bank.

The Governor-General may make regulations prescribing matters:

In particular, regulations may be made in relation to matters of a transitional or saving nature arising out of the sale of the Commonwealth’s shares in the Commonwealth Bank, or otherwise arising out of the enactment of this Act.

(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to regulations that are made under this section and that commence at or after the transfer time.