Contents

Part 1--Preliminary                                                                                                              1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Extension to external Territories .......................................................... 1

4............ Crown to be bound ............................................................................. 1

5............ Interpretation ....................................................................................... 1

6............ Extra-territorial operation of Act ......................................................... 4

Part 2--Steps leading to bank reorganisations                                                     6

7............ Notice of proposed bank reorganisation .............................................. 6

8............ Reserve Bank certification ................................................................... 6

9............ Treasurer may fix succession day for a particular receiving bank and transferring bank           7

10.......... Interests of depositors of transferring banks to be protected ............... 7

11.......... Complementary legislation to be enacted ............................................. 7

Part 3--Bank reorganisations                                                                                         9

12.......... Consequence of succession day .......................................................... 9

13.......... Assets and liabilities ............................................................................ 9

14.......... Translated instruments ...................................................................... 10

15.......... Places of business ............................................................................. 10

16.......... Transferring banks to lose authority to carry on banking business ... 10

17.......... Legal proceedings and evidence ........................................................ 10

18.......... Permitted business names [see Note 2] ............................................. 11

19.......... Employment unaffected ..................................................................... 11

20.......... Receiving banks to do what is necessary to carry out reorganisation 11

Part 4--Taxation matters                                                                                                 12

21.......... Exemptions from certain taxes and charges ....................................... 12

22.......... Application of the Income Tax Assessment Acts .............................. 12

Part 5--Miscellaneous                                                                                                        15

23.......... Certificates evidencing operation of Act etc. ..................................... 15

24.......... Certificates in relation to land and interests in land ............................ 15

25.......... Certificates in relation to other assets ................................................ 16

26.......... Documents purporting to be certificates ............................................ 16

27.......... Compensation for acquisition of property ......................................... 16

28.......... Act to have effect despite other laws ................................................. 17

29.......... Regulations ....................................................................................... 17

Part 6--Consequential amendments of the Commonwealth Banks Act 1959 and other Acts    18

30.......... Principal Act ..................................................................................... 18

31.......... Repeal of Part V ................................................................................ 18

32.......... Consequential amendments ............................................................... 18

Schedule 1--Receiving and transferring banks                                                 19

Schedule 2--Permitted business names                                                                   20

Schedule 3--Consequential amendments                                                               21

Notes                                                                                                                                              23

 

Notes to the Bank Integration Act 1991

Note 1

The Bank Integration Act 1991 as shown in this compilation comprises Act No. 210, 1991 amended as indicated in the Tables below.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

For application, saving or transitional provisions made by Schedule 1 (item 2) of the Business Names Registration (Application of Consequential Amendments) Act 2011, see Act No. 172, 2011.

For all other relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Bank Integration Act 1991	210, 1991	24 Dec 1991	24 Dec 1991
Statute Law Revision Act 1996	43, 1996	25 Oct 1996	Schedule 3 (item 6): 24 Dec 1991 (a)	--
Income Tax (Consequential Amendments) Act 1997	39, 1997	17 Apr 1997	1 July 1997	--
Tax Law Improvement Act (No. 1) 1998	46, 1998	22 June 1998	Schedule 2 (item 527): 22 June 1998 (b)	S. 4
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (item 279): 5 Dec 1999 (see Gazette 1999, No. S584) (c)	--
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (item 79): 15 July 2001 (see Gazette 2001, No. S285) (d)	Ss. 4-14 [see Note 1]
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Schedule 2 (items 21-24), Schedule 5 (item 42) and Schedule 6 (items 1, 5-11): Royal Assent	Sch. 6 (items 1, 5-11)
Tax Laws Amendment (2007 Measures No. 4) Act 2007	143, 2007	24 Sept 2007	Schedule 1 (items 8, 222, 225, 226): Royal Assent	Sch. 1 (items 222, 225, 226)
Business Names Registration (Transitional and Consequential Provisions) Act 2011	127, 2011	3 Nov 2011	Schedule 2 (items 8, 9): 20 Apr 2012 (see s. 2(1))	--

(a)     The Bank Integration Act 1991 was amended by Schedule 3 (item 6) only of the Statute Law Revision Act 1996, subsection 2(3) of which provides as follows:

                 (3)   Each item in Schedule 3 is taken to have commenced when the Act containing the provision amended by the item received the Royal Assent.

(b)     The Bank Integration Act 1991 was amended by Schedule 2 (item 527) only of the Tax Law Improvement Act (No. 2) 1998, subsections 2(1) and (2) of which provide as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

                 (2)   Schedule 2 (except item 3 of it) commences immediately after the commencement of Schedule 1.

(c)     The Bank Integration Act 1991 was amended by Schedule 1 (item 279) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

                 (1)   In this Act, commencing time means the time when the Public Service Act 1999 commences.

                 (2)   Subject to this section, this Act commences at the commencing time.

(d)     The Bank Integration Act 1991 was amended by Schedule 3 (item 79) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

                 (3)   Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 1
S. 5......................................	am. No. 46, 1998; No. 146, 1999; No. 101, 2006
Part 3
S. 18....................................	am. No. 127, 2011
Part 4
S. 21....................................	am. No. 39, 1997
Heading to s. 22................	rs. No. 39, 1997
S. 22....................................	am. No. 39, 1997; No. 101, 2006; No. 143, 2007
Part 5
S. 25....................................	am. No. 55, 2001
Schedule 3
Schedule 3.........................	am. No. 43, 1996

Note 2

Paragraph 18(2)(b)--Schedule 2 (item 8) of the Business Names Registration (Transitional and Consequential Provisions) Act 2011 (No. 127, 2011) provides as follows:

Schedule 2

8  Paragraph 18(2)(b)

Omit "under a law or a State or Territory", substitute "on the Business Names Register established and maintained under section 22 of the Business Names Registration Act 2011".

The proposed amendment was misdescribed and is not incorporated in this compilation.

Table A

Application, saving or transitional provisions

Tax Law Improvement Act (No. 1) 1998 (No. 46, 1998)

4  Application of amendments

An amendment made by an item in a Schedule (except an item in Schedule 1 or in Part 1 of any of Schedules 2 to 8) applies to assessments for the 1998-99 income year and later income years, unless otherwise indicated in the Schedule in which the item appears.

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006
(No. 101, 2006)

Schedule 6

1  Application of Schedule 1 and 2 amendments

Except as mentioned in items 2 and 3, the repeals and amendments made by Schedules 1 and 2 apply:

                     (a)  so far as they affect assessments--to assessments for the 2006-07 income year and all later income years; and

                     (b)  otherwise--to acts done or omitted to be done, or states of affairs existing, after the commencement of the repeals and amendments.

5  Application of Schedule 5 amendments

The repeals and amendments made by Schedule 5 apply to acts done or omitted to be done, or states of affairs existing, after the commencement of the amendments.

6  Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:

                     (a)  any act done or omitted to be done; or

                     (b)  any state of affairs existing; or

                     (c)  any period ending;

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

7  Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):

                     (a)  making or amending an assessment (including under a provision that is itself repealed or amended);

                     (b)  exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998-99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.

                   Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998-99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.

                   The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998-99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.

                   Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.

                   Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.

Example 2: During the 1997-98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.

                   Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.

                   Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.

8  Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

9  Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty

If:

                     (a)  a provision or part of a provision that is repealed or amended by this Act provides for the payment of:

                              (i)  general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or

                             (ii)  interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and

                     (b)  in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;

then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.

10  Repeals disregarded for the purposes of dependent provisions

If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.

11  Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901

This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.

Tax Laws Amendment (2007 Measures No. 4) Act 2007 (No. 143, 2007)

Schedule 1

222  Application

Subject to items 223 and 224, the amendments made by this Schedule apply in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after the day on which this Act receives the Royal Assent.

225  Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:

                     (a)  any act done or omitted to be done; or

                     (b)  any state of affairs existing; or

                     (c)  any period ending;

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

226  Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):

                     (a)  making or amending an assessment (including under a provision that is itself repealed or amended);

                     (b)  exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

Example:    For the 2006-07 income year, Smart Investor Pty Ltd, an Australian resident private investment company, has assessable foreign income in the passive income class on which it has paid foreign tax for which it wishes to claim a foreign tax credit. The company also has a tax loss for the year from its Australian investments. When it lodges its tax return for the year it does not elect to claim a deduction for any of the tax loss under section 79DA of the ITAA 1936, because the Australian tax payable on its passive foreign income equals the foreign tax it has paid.

                   In 2009 the amount of foreign tax payable in respect of some foreign rental income it had included in its return for the 2006-07 year is reduced and Smart Investor receives a refund of the difference in foreign tax. Smart Investor Pty Ltd then applies to be able to make an election under section 79DA, that is, after the Tax Laws Amendment (2007 Measures No. 4) Act 2007 (which repeals section 79DA) receives Royal Assent. The Commissioner allows Smart Investor to submit an election to claim a deduction for so much of its 2006-07 tax loss as to reduce the amount of Australian tax payable on its 2006-07 assessable foreign income to the revised foreign tax paid, by the end of 2009.

                   Despite the repeal of section 79DA, item 226 allows the Commissioner to permit an election to be lodged after the return for 2006-07 has been lodged, and to amend Smart Investor's assessment for that year, because these actions relate to a thing done, and periods ending, before the repeal of section 79DA applies.