Snowy Hydro Corporatisation Amendment Act 2003

1 Short title

This Act may be cited as the Snowy Hydro Corporatisation Amendment Act 2003.

2 Commencement

This Act is taken to have commenced on 26 July 2001.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Snowy Hydro Corporatisation Act 1997

1 At the end of subsection 49(1)

Add:

2 After section 49

Insert:

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 (other than GST)”.section 49 is altered by adding at the end “

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.

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 A New Tax System (Goods and Services Tax) Act 1999 as if subsection (1) did not apply.section 156-5) of the

[Minister’s second reading speech made in—

House of Representatives on 11 December 2003

Senate on 3 March 2003]

(264/02)