Commonwealth Consolidated Acts

SNOWY HYDRO CORPORATISATION ACT 1997 - SECT 49A

             (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.