Commonwealth Consolidated Acts

AIRPORTS (TRANSITIONAL) ACT 1996 - SECT 48

             (1)  This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.

             (2)  This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:

                     (a)  it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and

                     (b)  the first-mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.